Photo: Flickr / Outsanity Photos
Very strange, mixed report on consumer credit.
Consumer credit fell $3.27 billion in July vs. expectations of a gain of $9.2 billion.
On the other hand, there was a positive $5.4 billion upward revision to the previous month.
It nets out to a modest gain from where we were, so still a miss, but a strange number.
Ominously, revolving credit declined by 5.8%.
This one often gets overlooked, but it’s one of our favourite datapoints to watch: Consumer credit for July comes out at 3 PM ET.
Analysts expect $9.2 billion worth of new credit, growth from $6.45 billion last month (recall that that month was a disappointment).
Come back to this post for the latest.
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