Consumer Credit. More Good News (No Really)

Wednesday, October 07, 2009 , 0 Comments

Consumer credit disappoints... whom?


Consumers slashed borrowing at a faster-than-expected pace in August for the seventh straight month, underscoring not only their tough economic plight but also their bubbling outrage at banks and credit-card issuers.

The Federal Reserve said Wednesday that consumers cut $11.98 billion in borrowing in August, trimming their outstanding debt to $2.46 trillion, representing a 5.8% annual rate of decline and deeper than economists had expected.

Glad to see you've been paying attention. Keep going, America.

The Big Picture:

Consumer Credit outstanding on a seasonally adjusted basis in August fell by $12b, $2b more than expected but July didn’t fall as much as initially reported by $2.6b. It’s the 10th month in the past 11 that has seen declines.

See? No flaming pitchforks required.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.