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US consumer credit rose $940.7 mln in Oct -Fed
Biz.Yahoo/Reuters ^ | December 5, 2003

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.


TOPICS: Business/Economy
KEYWORDS: consumercredit; consumerdebt
The full FRB Cleveland report is at CONSUMER CREDIT October 2003
.            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.

1 posted on 12/05/2003 12:49:23 PM PST by Starwind
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To: AntiGuv; arete; sourcery; Soren; Tauzero; imawit; David; AdamSelene235; sarcasm; OwenKellogg; ...
The consumer seems to have sharply 'pulled in their credit horns'...
2 posted on 12/05/2003 12:51:27 PM PST by Starwind (The Gospel of Jesus Christ is the only true good news)
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To: Starwind
The Fed said consumer credit outstanding edged up $940.7 million... Analysts polled by Reuters were expecting a $5 billion October increase.

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! "

3 posted on 12/05/2003 12:55:47 PM PST by Desert88
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To: Starwind
About time


4 posted on 12/05/2003 12:58:45 PM PST by sarcasm (Tancredo 2004)
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To: sarcasm
What exactly is household debt? Mortgage payment? grocery bill? All bills?
5 posted on 12/05/2003 1:14:35 PM PST by Huck
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To: Huck
Mortgages and consumer credit.
6 posted on 12/05/2003 1:22:35 PM PST by sarcasm (Tancredo 2004)
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To: Desert88
Within 10 years the entire analyst industry will be outsourced to India.




They still have native ape and monkey populations that will work for bananas.
7 posted on 12/05/2003 3:08:18 PM PST by JerseyHighlander (quid quid latine dictum sit, altum videtur.)
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