Welcome to the Vitus Capital Blog!
Notes to myself, possibly of interest to others.
-- Bill Northlich

Tuesday, December 8, 2009

Rosenberg Daily - Consumer Credit Contiues to Fall

Consumer credit in October fell less than consensus expectations, falling $3.5bln (or -1.7% at an annual rate) versus market estimates of a steep $9.4bln decline. September was revised to now show an $8.7bln decline compared to earlier estimates of -$14.8bln. However, we are now in a phase of frugality and households are not willing to take on more debt — this is the ninth consecutive monthly of decline in consumer credit, a streak never before seen in the data’s 66-year history — at a time when wages are still falling and the unemployment rate is still at lofty levels.

--Rosenberg, 12.8

No comments:

Post a Comment