U.S. Consumer Credit Fell By $12 Billion in August, Fed Says

U.S. consumer credit fell in August for a seventh straight month, as banks kept restrictive lending terms in place and job losses made households reluctant to borrow.

Consumer credit fell by $12 billion, or 5.8 percent at an annual rate, to $2.46 trillion, according to a Federal Reserve report released today in Washington. Credit dropped by $19 billion in July, less than previously estimated. The series of declines is the longest since 1991.

Labor Department figures last week showed there were more job cuts than forecast in September and the jobless rate kept rising. The data prompted President Barack Obama to say he’s working to “explore any and all additional measures” to spur growth, and underscored forecasts for the Federal Reserve to keep its benchmark interest rate near zero through next year.

Read Full Article from Bloomberg

- Posted: 2009-10-07 14:59:50

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