Tuesday, July 08, 2003

On Thursday the General asked, "So from where is the money coming to soak up all this production?" Part of the answer trickled in today:
In the Fed report, revolving credit, which tracks credit and charge card usage, posted a $3.1 billion increase, its biggest gain since February, while nonrevolving credit gained by $4.2 billion, down from a $6.6 billion April increase.
The great credit machine just keeps churing out loans to keep the American consumer afloat. Total consumer credit in May 2003 stood at $1.76 trillion, up 5% over April which was up 5.4% over March. Consumer credit in 2003:I rose 4.3%.

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