Data gathered by Learnbonds.com indicates that the United States commercial and Industrial loans hit $3.04 trillion in the third week of May.
According to the data, this is the highest amount since January 1973 when the figure was $134.04 billion.
A notable spike in the loans by all the commercial loans was recorded in the second week of March 2020 when the amount stood at $2.38 trillion. Eight weeks from this period, the loans grew by 27.86% to the May figure.
Between the first week of this year and May, the loan amount has grown by 29.6% after standing at $2.35 trillion in January. The lowest amount in commercial loans was in the first week of 1973 at $134.04 billion. The loan amount first hit the one trillion mark in the last week of September 2005 when the figure stood at $1.001 trillion.
Before the current high of $3.04 trillion, the last time commercial loans were notably high was in the fourth week of November 2008 when the number stood at $1.57 trillion. Another high was in the third week of January 2001 at $1.09 trillion.
Based on the data, it clear that spike was recorded when the Coronavirus pandemic began impacting the economy. According to our research report:
Based on the monthly percentage change in commercial loans, March and April this record the highest rate at 169.3%. Before the 2020 spike, the last highest rate was between December 1951 and January 1952 at 68.3%. Another notable high was in February 1973, April 1974, October 2008 at 47.5%, 43.7%, and 41.8% respectively.
On the other hand, the lowest percentage difference was recorded between June and July 2009 at 33.7%. Another notable low was in November and December 1953 at 34.3%.