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Steve Liesman's Worst Nightmare: Consumer Credit Growth Tumbles, Misses By Most In 8 Months

Tyler Durden's picture




 

Growth in Consumer Credit dropped for the 2nd month in a row (at $17.25bn) missing expectations by the most since November 2013. The March/April credit impulse has now completely faded. Given that "debt is the great bridge between working hard and playing hard in this country," it would seem this news will disappoint Steve Liesman. Revolving credit dropped to its lowest since February as spend-what-you-don't-have appears to be fading also.

 

And while the now conventional source of credit, namely Uncle Sam's car and student loans, was solid, adding $16.3 billion in non-revolving loans - loans which will never be repaid and will see an Executive Ordered payment moratorium long before America's conversion to a socialist paradise is complete -  it was the all important credit card debt, that closest proxy to a confident consumer, that posted its weakest growth in June since February, rising by only $942 million, and a far, far cry from the $8.8 billion outlier surge in April which will surely be revised away in a few months.

 

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Thu, 08/07/2014 - 15:12 | 5060513 max2205
max2205's picture

Hi, this is Steve Liesman. Please overnight a gallon of rogaine.

I got to leave town quick

Thu, 08/07/2014 - 15:15 | 5060529 S.M.T.U.Q.I.
S.M.T.U.Q.I.'s picture

Looks like the island natives have tilted the zap machine.  Time to throttle down on the flippers.

Thu, 08/07/2014 - 15:21 | 5060556 DoChenRollingBearing
DoChenRollingBearing's picture

This is a great time to get/stay out of debt.

Save money.  Buy gold.  Stay safe.  Prepare.

Thu, 08/07/2014 - 15:35 | 5060579 Ham-bone
Ham-bone's picture

According to MarketWatch...

By Greg Robb

WASHINGTON (MarketWatch) -- U.S. consumer credit growth increased sharply in June, a possible sign spending could ramp up in coming months. Consumers increased their debt in June by a seasonally adjusted $17.3 billion, down only slightly from a $19.6 billion gain in the prior month, the Federal Reserve said Thursday. The increase in June was above the market consensus. Monthly debt rose at a 6.4% annual rate in June, compared with a 7.4% rate in the prior month. This is the seventh straight month with consumer credit growth above a 6% rate. Non-revolving category of debt, especially federal student loans, led the monthly increase, rising $16.3 billion or 8.4% in June. Once again, credit-card debt rose only slightly, rising a slim $941 million or 1.3% after a gain of 2.4% in the prior month (END)

Only at the articles bottom does it note that $16.3 B in credit growth (all but $1 B) came from student loans...somehow these students and their indebtedness are considered consumers and a sign of better things to come...

Thu, 08/07/2014 - 16:10 | 5060861 rosiescenario
rosiescenario's picture

Just have to love the way the press regurgitates what they are fed with no thought applied to it.

Thu, 08/07/2014 - 20:04 | 5062072 BringOnTheAsteroid
BringOnTheAsteroid's picture

Been going on with religion for millenia, why should the press be any different. It's just the way the human mind works.

Thu, 08/07/2014 - 15:19 | 5060543 Bloppy
Bloppy's picture

Nothing will make Lies-Man any less smug, certainly no economic datapoint.

And luckily, Hollywood's making sure Lies-Man's friends are in power forever:

http://tinyurl.com/llerns4

 

 

Thu, 08/07/2014 - 15:28 | 5060596 Berspankme
Berspankme's picture

Steve Liesman's greatest fear is the truth. He's never spoke it. Fucking jizzbag

Thu, 08/07/2014 - 16:05 | 5060826 curbyourrisk
curbyourrisk's picture

Steve LIEsman is a douche.

 

I love saying that.

Thu, 08/07/2014 - 16:06 | 5060836 Motorhead
Motorhead's picture

Liesman -- Dorkus maximus.

Thu, 08/07/2014 - 15:12 | 5060517 suteibu
suteibu's picture

Well, he's an idiot.  So what do you expect?

Thu, 08/07/2014 - 15:13 | 5060518 KidHorn
KidHorn's picture

It looks like noise to me. Not a trend yet.

Thu, 08/07/2014 - 15:22 | 5060561 Relentless101
Relentless101's picture

Agree. Works both ways though. There is no clear upward trend developing either. 

Thu, 08/07/2014 - 15:13 | 5060523 saycheeeese
Thu, 08/07/2014 - 15:37 | 5060663 Silverhog
Silverhog's picture

Yeah, consumer credit dropped like a rock, but student loans filled the gap. Now there's a real economy jump starter! LOL

Thu, 08/07/2014 - 15:17 | 5060534 RiskyBidness
RiskyBidness's picture

Steve you are a liberal hack!!  What a dope!!

Thu, 08/07/2014 - 15:18 | 5060544 migra
migra's picture

You just know old steve was beat up a lot as a kid. None of the other kids liked him. Still don't. 

Thu, 08/07/2014 - 15:30 | 5060607 Berspankme
Berspankme's picture

I've always thought this ass clown was the guy who got beat up a lot as a kid. No friends except other psycho nerds. Jizzbag

Thu, 08/07/2014 - 15:20 | 5060549 damicol
damicol's picture

Hey this is all Lies man.

Thu, 08/07/2014 - 15:20 | 5060554 GOLD AND SILVER...
GOLD AND SILVER NATZI's picture

Maxed. Out.

Thu, 08/07/2014 - 15:22 | 5060565 p00k1e
p00k1e's picture

Who's using credit - just shoplift.  No waiting in lines…. And somebody will bail them out.  It’s all g00d. 

Thu, 08/07/2014 - 15:26 | 5060583 NOTaREALmerican
NOTaREALmerican's picture

Consumers are just catching their breath because of the hot summer weather.  Wait till fall,  it'll be a blow-out quarter!

Thu, 08/07/2014 - 15:27 | 5060588 Cannon Fodder
Cannon Fodder's picture

it's all in the headlines.... lol...

ZH: consumer credit misses... sounds negative

MarketWatch: consumer credit jumps by more than $17 billion... sounds positive....

It's all how you spin it I guess. lol.

Thu, 08/07/2014 - 15:31 | 5060608 NOTaREALmerican
NOTaREALmerican's picture

And, student-loan loot does add money to the economy.    Somebody is going to spend the loot.  

Thu, 08/07/2014 - 15:32 | 5060617 farmboy
farmboy's picture

Who is Steve Liemann ?

Thu, 08/07/2014 - 15:32 | 5060620 SheepDog-One
SheepDog-One's picture

CNN (financial news apparently) headline- 'Stocks shrug off global concerns, end up a tad'.....LOL WTF?

Thu, 08/07/2014 - 15:33 | 5060632 yrad
yrad's picture

I have not had the low debt level I have now since I received my first credit card. Pay down debt, stack up stacks. It is the best way to really get under .gov's skin.

Thu, 08/07/2014 - 15:36 | 5060648 Seasmoke
Seasmoke's picture

I don't get the pay down debt part. Walkway. Stack much higher. Much bigger. Must faster.

Thu, 08/07/2014 - 15:35 | 5060642 firstdivision
firstdivision's picture

Please.  That drop in '13 was much larger.  Telling you, honey market don't give a shit.

Thu, 08/07/2014 - 15:37 | 5060658 Roger Shermanator
Roger Shermanator's picture

Looks like it's all work and no play for Amerikans.

Thu, 08/07/2014 - 15:38 | 5060666 Bill of Rights
Bill of Rights's picture

From Market watch

U.S. consumer credit growth increased sharply in June, a possible sign spending could ramp up in coming months. Consumers increased their debt in June by a seasonally adjusted $17.3 billion, down only slightly from a $19.6 billion gain in the prior month, the Federal Reserve said Thursday. The increase in June was above the market consensus. Monthly debt rose at a 6.4% annual rate in June, compared with a 7.4% rate in the prior month. This is the seventh straight month with consumer credit growth above a 6% rate. Non-revolving category of debt, especially federal student loans, led the monthly increase, rising $16.3 billion or 8.4% in June. Once again, credit-card debt rose only slightly, rising a slim $941 million or 1.3% after a gain of 2.4% in the prior month

 

What the fuck kind of Journalism is this?

Thu, 08/07/2014 - 15:45 | 5060713 SheepDog-One
SheepDog-One's picture

I guess a 'tad' is also a financial media term now too....I don't know, it's all fucked.

Thu, 08/07/2014 - 15:44 | 5060701 Itchy and Scratchy
Itchy and Scratchy's picture

Not to worry. Mortgages on cars should be showin' up anytime!

Thu, 08/07/2014 - 15:47 | 5060723 Ewtman
Ewtman's picture

You could see this bubble ready to pop from miles away.

 

http://www.globaldeflationnews.com/consumer-credit-bubble-on-the-verge-o...

Thu, 08/07/2014 - 15:48 | 5060724 Realname
Realname's picture

Steve Liesmans worst nightmare is...a dark alley, me, and a thick book on economics. After beating him into a bloody pulp Id have to place the book into a paper bag, set it on someones porch, light said paper bag, ring the doorbell, and run.

Thu, 08/07/2014 - 16:02 | 5060811 Make_Mine_A_Double
Make_Mine_A_Double's picture

After the divorce my credit was fucked when someone stole my identity they sent it back to me.

I am gainfully employed and pull down good money, but I just have my existing cards and I've been migrating to cash and paying everything down.

I don't go out enough to feel the zeitgeist in malls, but overall the impression of the natives in the USSA is one of sullen anger and border line dispair at the economy.  

 

Thu, 08/07/2014 - 16:02 | 5060812 MFL5591
MFL5591's picture

How is it that consumer confidence was 96%?  Think they are a group of liars?

Thu, 08/07/2014 - 16:04 | 5060818 SilverRoofer
SilverRoofer's picture

DEBT is the MONEY of slaves!

most Humanoids think credit is being rich until the collector comes for payment

Thu, 08/07/2014 - 16:21 | 5060918 Kilgore Trout
Kilgore Trout's picture

Liesman works hard for the Fed

But soon comes the day he will dread

With all cards maxed out,

New purchases count

As few as the hairs on his head.

Thu, 08/07/2014 - 16:30 | 5060957 starman
starman's picture

Its a big Lies man!

Thu, 08/07/2014 - 16:29 | 5060963 GrinandBearit
GrinandBearit's picture

I heard LIESman was a heavy smoker.

He can't die quick enough for me.

Thu, 08/07/2014 - 16:34 | 5060994 Notsobadwlad
Notsobadwlad's picture

All the average American has to do to bring the US elitists and government to its knees is "just say nay". Use you dollars as votes and vote against the status quo. Withdraw.

Thu, 08/07/2014 - 16:48 | 5061062 Realname
Realname's picture

For every lie hes ever told, one hair fell out of his head.

Thu, 08/07/2014 - 17:07 | 5061149 Bumbu Sauce
Bumbu Sauce's picture

What is a debt-addicted American to do when their dream of living a high lifestyle now is based on the promise of future wages that will never come?

Thu, 08/07/2014 - 17:47 | 5061323 booboo
booboo's picture

Steve suckled for long time on victorious Mother Russia titty and speaks fluent Russian. He brings special skill developed laying prostrate at feet of Soviet KGB and Tass news agency during days of glorious mass propaganda, only thing that change is be great leader of American revolution Commrade Obamainsky and Commrade Liesman want to be charge of news desk.

Wed, 09/03/2014 - 09:37 | 5175176 LisPerry
LisPerry's picture

It is crazy that student loans are included in the consumer credit statistics. Student loans, assuming that they are actiually used for education costs, are actually an "anti consumer credit" in the sense that they crowd out other borrowing that would be used for consumer spending. The fact that many individuals game the student lending system to borrow money via student loans to then use the funds for other living expenses and consumption speaks to the dysfunction of the system as it is designed. The government has become the largest subprime lender since ability of the borrower to pay is not factored into the lending decisions when the student loans are made.

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