Consumer Credit Falls In August As Credit Crunch Hits Main Street
Tweet
Share
E-mail
Consumer Credit dropped in August for the first time in more than a decade. Govenment data showed that consumer credit fell by $7.9 billion in August to $2.58 trillion. Economists were looking for a rise of $5 billion. The report doesn't include real estate borrowing.
The drop in August consumer credit underscores the 'Main Street' impact of the credit crunch. It likely got much much worse in September and now in October, as banks hoard cash.
The drop in August consumer credit underscores the 'Main Street' impact of the credit crunch. It likely got much much worse in September and now in October, as banks hoard cash.
You May Also Be Interested In
- Bessent: Discussed Desirability Of Strong Yen With Japan's FM
- OpenAI says its agents leaked some user images - Reuters
- Boeing and Bell Boeing receive defense contracts totaling $56.4M
Create E-mail Alert Related Categories
Economic Data, Insiders' Blog, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
