Photo: Dan_DC via flickr
Consumer Credit in August unexpectedly shriveled by $9.5 billion according to just-released by data by the Fed.
It’s the biggest drop since April 2010.
Analysts had been expecting growth of $8 billion.
Everything got whacked, both revolving and non-revolving debt.
Specifically, revolving fell by 3.4% (actually slightly better than last month, when it fell 5.4%) while non-revolving fell by 5.4%, which is its first loss in ages.
Original post: Here it is folks, the number everyone has been waiting for ever since everything got boring a couple hours ago.
August consumer credit is expected to have grown by just $8 billion, following the $11.9 billion growth last month.
The big question, obviously, is what revolving credit will do. That’s credit cards, and a better sign of consumer health that the rest of the number, which includes autos and student loans.
We’ll have wall-to-wall coverage here at 3:00 PM ET.
The release should be available at this URL.