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 ...
Consumer credit too a fall in July due to a run on the nation’s bankruptcy courts!!!
Correction:”too”= took!
There’s that dam word again.
In my mind its starting to mean the exact opposite of what it really means.
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?
Congrats!
Given the knowledge you have of the system, I believe you!
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