For the first time since last fall, the auto default rate remained flat on a sequential basis.

According to data through June released this week by S&P Dow Jones Indices and Experian, last month’s reading came in at 0.93 percent; the same as what analysts pinpointed for May. Analysts also noticed the rate stayed put last October and November when the reading sat at 1.11 percent.

Elsewhere within the update associated with the June S&P/Experian Consumer Credit Default Indices, the composite rate — a comprehensive measure of changes in consumer credit defaults — decreased 3 basis points from the previous month to 0.86 percent.

The bank card default rate dropped 13 basis points to 3.71 percent.

The first mortgage default rate also declined by 3 basis points to 0.63 percent.

Reviewing the data by market area, three of the five major cities analysts track each month recorded decreases in composite default rates in June.

Miami generated the largest decrease, falling 47 basis points to 2.30 percent.

The default rate for New York ticked 4 basis points lower to 0.88 percent, while the rate for Chicago dipped by 2 basis points to 0.86 percent.

Los Angeles and Dallas both showed higher default rates. Los Angeles was 3 basis points higher in June at 0.65 percent, and Dallas came in 4 basis points higher at 0.84 percent.

David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, pointed out that June marked the second consecutive month when default rates for all credit types dropped or remained the same. However, each of the rates is still higher than they were 12 months ago.

Similarly, Blitzer mentioned the 47-basis point drop for Miami was the largest single-month drop for a market since June 2013, yet its default rate still remains elevated compared to levels seen last year.

“The favorable economic conditions consumers enjoyed in the last few years are confirmed by more than the current low levels of consumer credit default rates,” Blitzer said. “Unemployment was falling to 4 percent or lower, inflation barely crept up after touching zero in 2015, and real (inflation adjusted) earnings rose as wages outpaced inflation.

“The ratio of household debt service to disposable income stayed close to the lowest levels in three decades,” he continued.

“The Federal Reserve’s reaction to the low unemployment rate was to raise interest rates to deter any increase in inflation. In the last month, the year-over-year rise in the consumer price index moved clearly above 2 percent, and the Fed again raised its benchmark rate, the Fed funds rate, by a quarter percentage point,” Blitzer went on to say.

“Oil prices are rising and may push inflation higher. Weekly unemployment claims continue to drop, pointing to a further decline in the unemployment rate,” he added. “These trends explain why the markets are expecting further rate increases from the Fed. Today’s favorable consumer economy may be slowly shifting towards higher interest and inflation rates.”

Jointly developed by S&P Indices and Experian, analysts noted the S&P/Experian Consumer Credit Default Indices are published monthly with the intent to accurately track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien.

The indices are calculated based on data extracted from Experian’s consumer credit database. This database is populated with individual consumer loan, and payment data submitted by lenders to Experian every month.

Experian’s base of data contributors includes leading banks and mortgage companies and covers approximately $11 trillion in outstanding loans sourced from 11,500 lenders.