Overview:  Consumer credit increased at a 3.1% annual rate in April.  The U.S. trade balance narrowed $3.1 billion to $43.7 billion in April.  The U.S. Treasury reported a deficit of $57.6 billion in May.  This marked the sixth straight week of decline in the Dow, over which time it has fallen 6.7%.  Initial jobless claims edged up 1,000 to a level of 427,000 for the week ended 6/10.

• Consumer credit rose by $6.3 billion (3.1% annual rate) to $2.428 trillion in April.   Revolving credit (i.e., credit cards) fell by $0.9 billion while non-revolving credit (i.e., auto loans) increased $7.2 billion.
• The trade balance unexpectedly narrowed $3.1 billion to $43.7 billion in April.  Exports increased 1.3% to a record-high $175.6 billion while imports edged down 0.4% to $219.2 billion.  Imports from Japan declined 25.5% in April.  The trade balance with China jumped 19.4% to $21.6 billion.
• The U.S. Treasury reported a deficit of 57.6 billion in May.    
• This marked the sixth straight week of losses for the Dow, which closed the week below the 12,000 mark. The Dow has declined by 6.7% over the past six weeks.  The Nasdaq has fallen 8.0% over that same time and closed out the week in negative territory for the year.
• Initial jobless claims edged up 1,000 to 427,000 for the week ended June 10^th.