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
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