US consumer credit ain’t all that

Some folks made a fuss about the big jump in US consumer credit in March. This reflected poor knowledge of the data. The data is appropriately dissected here.

Bottom line – a subsidy to student borrowing spiked demand. Excluding student loans from the government, we are still bouncing along the bottom.

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2 Responses to US consumer credit ain’t all that

  1. Rajat says:

    ECRI reaffirmed their recession call again overnight. Stocks have a long way to fall if they’re right and the 10-year could finally fall enough to give PIMCO a profit!

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