"Consumer credit contracted a sharp $9.1 billion in May with April revised to show an even more severe $14.9 billion contraction. The April revision is very surprising given the initial reading of a $1.0 billion gain!
Revolving credit contracted $7.4 billion in May and contracted $8.3 billion in April. Non-revolving credit shows a $1.8 billion contraction in May on top of a $6.5 billion contraction in April. Neither category is likely to show much improvement in June given indications from today's soft store sales report and last week's soft unit vehicle sales.
Consumer credit had been leveling earlier this year but now appears to be on a double dip. This report could set stocks in reverse during the last hour of trading. " - ECONODAY
The person who sent me this also said, "Get ready folks, hell is coming to breakfast..."
Friday, July 9, 2010
Consumer Credit Continued Contraction
