Overview: Consumer credit rose $1.0 billion to $2.44 trillion in April.  The U.S. trade deficit widened 0.8% to $40.3 billion in April. Retail sales fell 1.2% in May.  The U.S. Treasury recorded a deficit of $135.9 billion in May.  Business inventories were up 0.4% in April.  Initial jobless claims fell by 3,000 to a level of 456,000 for the week ended 6/5.

Consumer credit increased 1.0 billion in April to a level of $2.44 trillion. This marks only the second increase over the past 14 months.Revolving credit (namely credit cards) declined $8.5 billion, or at an annual rate of 12%.  April marked the 19th consecutive monthly decline in revolving credit. Nonrevolving credit (i.e., auto loans) rose $9.4 billion, or at an annual rate of 7.1%

The U.S. trade deficit in goods and services widened by a lesser-than-expected 0.8%, or $0.3 billion, to $40.3 billion in April. Exports fell 0.7% while imports declined 0.4%.

Retail sales unexpectedly declined 1.2% in May, sparking renewed concern about the U.S. economy. The decline in spending was widespread across sectors.

The U.S. Treasury recorded a deficit of $135.9 billion in May.

Business inventories rose 0.4% in April.

Initial jobless claims fell 3,000 to 456,000 for the week ended June 5th.