Tuesday, December 8, 2009

Consumer Credit Drops For 9th Straight Month: A New 66 Year Record

Although consumer credit fell less than expectations in October, by $3.5B, it has now fallen by 9 consecutive months. According to David Rosenberg's note today, this has not happened in 66 years.

Please see the chart:

He adds that banks continue to tighten credit conditions and "are hesitant to extend lending prcatices", this at a time with unemployment is still very high.

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