Posted on 12/05/2003 12:49:22 PM PST by Starwind
UPDATE - US consumer credit rose $940.7 mln in Oct -Fed Friday December 5, 3:23 pm ET
(Adds detail, background)
WASHINGTON, Dec 5 (Reuters) - U.S. consumers took on new debt at a slower pace than expected in October, a Federal Reserve report showed on Friday.
The Fed said consumer credit outstanding edged up $940.7 million to $1.977 trillion in October from an upwardly revised total of $1.976 trillion in September.
In September, outstanding credit increased an upwardly revised $17.0 billion, the Fed said.
Analysts polled by Reuters were expecting a $5 billion October increase.
Revolving debt, which tracks credit and charge card usage, posted a $2.2 billion rise in October, the Fed said.
Economists were expecting some slowdown in consumer spending after the surge in September. Strong consumer spending helped push U.S. economic growth to an 8.2 percent annual rate -- the strongest in 20 years -- in the third quarter.
. Q1 Q2 Q3 r Aug r Sep r Oct p . ------------------------------------------- % Ann Chg 5.0 4.8 7.1 6.0 10.4 0.6
Fallen off it has, I would say.
So these analysts can be out by more than 500% in their predictions, and for them it's just another day at the office?
"Oh well, we blew the October numbers by a factor of 5 -- let's get started on those November numbers. I can't believe people actually pay us to do this! "
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.