Growth here had been increasing, helping to offset the decline in govt. deficit spending, but after the oil capex collapse this measure of credit growth leveled off:
Real estate as well as consumer loan growth have also leveled off:
This story is all about income here as well. The consumer has been hit hard twice due to the recession and then tax hikes and it’s all ratcheted down a notch each time. Even in the prior recession personal income didn’t go down, as it has twice just in the last 8 years.
So if you look at the total growth from 2007 to 2016 it’s pretty much in line with the reduced rate of growth of output and the lower levels of employment: