CONSUMER CREDIT PLUNGES BY $9.5 BILLION

credit card

Photo: Dan_DC via flickr

Update:Big disappointment.

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.

Full report here.

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.

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