Mish's Global Economic Trend Analysis Thu 2009-09-17 09:47 EDT
Consumer Credit Contracts Record $21.6 Billion
U.S. Consumer Credit Falls by a Record $21.6 Billion. U.S. consumer credit plunged more than five times as much as forecast in July as banks restricted lending terms and job losses made Americans reluctant to borrow. Consumer credit fell by a record $21.6 billion, or 10 percent at an annual rate, to $2.5 trillion, according to a Federal Reserve report released today in Washington. Credit dropped by $15.5 billion in June, more than previously estimated. Credit fell for a sixth month, the longest series of declines since 1991.
21; 6; Consumer Credit Contracts Record; Mish's Global Economic Trend Analysis.