Consumer Credit. More Good News (No Really)
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.