Credit on Main Street Declines

Consumer Credit continues to contract. lets take a look

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David Rosenberg notes the record setting credit crunch that continues on Main Street:

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.

Moreover, with record delinquency rates and the fragility of the U.S. financial sector, banks continue to tighten credit conditions and as a result are hesitant to extend its lending practice. Indeed, revolving consumer credit (credit cards) fell $6.9bln (or -9.3% at an annual rate) to $888.1bln, which is the lowest level since March 2007 and is now down $87.1bln from the peak back in September 2008. Non-revolving consumer credit did rise $3.5bln (or +2.6% annualized) in October, but that was probably the result of stronger auto sales, which rose 1.2% in October.

http://seekingalpha.com/article/177942-u-s-economy-one-green-shoot-a-mixed-bag

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