BAD: Consumer Credit Misses Big, Consumer Credit Shrinks, And March Takes A Big Downward Revision

souvenir shop, credit cards, wallet, shopping

Photo: Flickr / josemanuelerre

ORIGINAL UPDATE: One of our favourite datapoints coming out: April consumer credit comes out at 3:00 PM ET.Analysts expect $11 billion worth of new credit, down from $21 billion.worth last month.

We’ll have the number here LIVE.

UPDATE:

It’s a miss!

Consumer credit only grew $6.5 billion in April.

That’s well below expectations of $11 billion. Furthermore, the month before was revised down from a gain of $21.3 billion to $12.3 billion.

MORE: The full report is here, and one thing that stands out is that revolving credit actually shrunk.

Overall, a pretty punk report.

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