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 [5]. Revolving credit dropped to its lowest since February as spend-what-you-don't-have appears to be fading also.
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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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