The Lehmann
Letter (SM)
Yesterday the
Federal Reserve released a very encouraging report on consumer borrowing:
Consumer credit
grew by $255.6 billion in March at a seasonally adjusted annual rate. Take a
look at the chart: This is far above the typical increase of approximately $100
billion. You will also notice considerable noise in the data. The numbers
fluctuate sharply from month to month. But this is a good, strong report that
should encourage optimism about consumer spending.
Consumer
Credit
(Recessions
shaded)
Tomorrow's letter
will look at new-vehicle sales. They rely heavily on consumer credit for their
financing.
(To be fully
informed visit http://www.beyourowneconomist.com/)
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