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Consumer credit falls unexpectedly in July
Reuters ^ | Mon Sep 10, 2012 6:37pm EDT | Reporting by Jason Lange; Editing by Andrea Ricci and Leslie Gevirtz

Posted on 09/10/2012 5:09:56 PM PDT by newzjunkey

Consumer credit fell in July for the first time in nearly a year as Americans reduced credit card debt, a worrisome sign for an economy that has struggled to create jobs.

Consumer credit shrank by $3.28 billion in July, the Federal Reserve said on Monday. That was well below the $9.1 billion advance Wall Street economists had forecast in a Reuters poll. ...

"(The data) looks consistent with the lackluster gains in consumer spending reported elsewhere," JPMorgan economist David Silver said in a note to clients. ...

Consumer credit flows -- a relatively new data series that the Fed says is more sensitive to economic trends -- also cooled. The flow of consumer credit fell at an annual rate of $39.3 billion in July.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy
KEYWORDS: consumercredit; credit; economy; obama; recovery; unexpected
Unexpected!
1 posted on 09/10/2012 5:10:03 PM PDT by newzjunkey
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To: newzjunkey

You beat me to it!


2 posted on 09/10/2012 5:12:15 PM PDT by ilovesarah2012
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To: newzjunkey

Unprecedented!


3 posted on 09/10/2012 5:16:49 PM PDT by Paladin2
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To: newzjunkey

Since debt IS the new ca$h, this is bad news for the economy in the short run, but good news for America if the ‘rats take a pounding in Nov.


4 posted on 09/10/2012 5:18:39 PM PDT by Paladin2
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To: newzjunkey

Everything with Obama is “Unexpected” but if he were a Republican it would be “Expected”


5 posted on 09/10/2012 5:25:49 PM PDT by Sarah Barracuda
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To: newzjunkey

Another journalist who thinks debts cause jobs.


6 posted on 09/10/2012 5:27:04 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: GeronL
Another journalist who thinks debts cause jobs.

Well said. Entrepreneurs who save a portion of their profits save jobs. And wage-earners who save a portion of their earnings [when interest rates are above zero] save jobs. Debts don't save jobs.

7 posted on 09/10/2012 5:34:29 PM PDT by BfloGuy (Without economic freedom, no other form of freedom can have material meaning.)
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To: newzjunkey
Unexpected ©


8 posted on 09/10/2012 5:34:50 PM PDT by tomkat
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To: newzjunkey

Well count me in on this... I’m succeeding on reducing my credit card debt to almost nothing! Yippeee Yahoo... retirement here I come!


9 posted on 09/10/2012 5:35:31 PM PDT by myrabach
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To: newzjunkey

Maybe people are starting to figure out that they have to pay those credit card bills with actual money.


10 posted on 09/10/2012 5:35:31 PM PDT by proxy_user
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To: newzjunkey

Thanks to the encouragement of Dave Ramsey, our family will be debt free by the end of this year. No more credit cards! No more 12.99% interest! It was worth doing without the stuff we didn’t really need to be free at last.


11 posted on 09/10/2012 5:38:21 PM PDT by txrefugee
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To: BfloGuy

bump


12 posted on 09/10/2012 5:40:21 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: newzjunkey

Wow... It took three people to report, write and edit this 200 plus word article....and still not really say anything substantial....


13 posted on 09/10/2012 5:58:08 PM PDT by Popman (In a place you only dream of Where your soul is always free)
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To: proxy_user

Well, for now anyway...


14 posted on 09/10/2012 6:16:30 PM PDT by Republican Wildcat
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To: myrabach

Well.. It depends on your train of though.

You think paying your debts off with today’s dollars is a good idea. It’s an idea that is hard to argue with.

The fed thinks paying yesterdays debts off with highly inflated dollars later is a better idea.

Now.. If I where a betting man, I’d say inflation is coming, it might even be hyper inflation. And I’d lock in a low interest loan on a 100,000 dollar house knowing in 3-4 years I could very well be working for 1500 dollars an hour because of inflation and paying my 850 dollar house note would be no problem at all..

Buying a loaf of bread might be however.


15 posted on 09/10/2012 6:24:19 PM PDT by cableguymn
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To: cableguymn

It will not help those on Social Security.


16 posted on 09/10/2012 6:32:59 PM PDT by Irish Eyes
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To: myrabach

Well.. It depends on your train of though.

You think paying your debts off with today’s dollars is a good idea. It’s an idea that is hard to argue with.

The fed thinks paying yesterdays debts off with highly inflated dollars later is a better idea.

Now.. If I where a betting man, I’d say inflation is coming, it might even be hyper inflation. And I’d lock in a low interest loan on a 100,000 dollar house knowing in 3-4 years I could very well be working for 1500 dollars an hour because of inflation and paying my 850 dollar house note would be no problem at all..

Buying a loaf of bread might be however.


17 posted on 09/10/2012 6:58:22 PM PDT by cableguymn
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To: Irish Eyes

It already isn’t. They have not got a COLA in 2 or 3 years.


18 posted on 09/10/2012 6:59:50 PM PDT by cableguymn
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To: txrefugee
Thanks to the encouragement of Dave Ramsey, our family will be debt free by the end of this year.

Congratulations!!

Dave is THE man.

You'll find living debt free very easy to get used to :)

19 posted on 09/10/2012 7:03:51 PM PDT by upchuck (If nobama is reelected and gets to choose more SCOTUS judges, this country is finished.)
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To: newzjunkey

Why is this happening...Raaaacism? We all know money shouild be lent by skin color quotas, regardless of raaacis mathematical income equations of qualification.

Where’s Holder? The rich people are commiting social injustice and screwing the people with no money!


20 posted on 09/10/2012 7:17:47 PM PDT by SaraJohnson
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To: newzjunkey; Grampa Dave; budwiesest; tubebender; ElkGroveDan; ScottinSacto; calif_reaganite; ...

Consumer credit too a fall in July due to a run on the nation’s bankruptcy courts!!!


21 posted on 09/10/2012 7:27:20 PM PDT by SierraWasp ("The New Normal," is FAR from any normal!!!)
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To: SierraWasp

Correction:”too”= took!


22 posted on 09/10/2012 7:36:04 PM PDT by SierraWasp ("The New Normal," is FAR from any normal!!!)
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To: newzjunkey

There’s that dam word again.

In my mind its starting to mean the exact opposite of what it really means.


23 posted on 09/10/2012 7:45:29 PM PDT by desertfreedom765
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To: newzjunkey

Once again...what is happening in the Scotswife household appears to be happening elsewhere too.

When are they going to start making all their fancy economic predictions based on what we do with our brood from week to week?


24 posted on 09/10/2012 7:49:53 PM PDT by Scotswife
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To: txrefugee

Congrats!


25 posted on 09/10/2012 11:23:16 PM PDT by 9YearLurker
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To: SierraWasp

Given the knowledge you have of the system, I believe you!


26 posted on 09/13/2012 12:08:45 AM PDT by dixiechick2000 (This hobbit is looking for her pitchfork...God help the GOP if I find it.)
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