Reply #51: -$14.8B (-$10B expected)

[Ghost Dog]

* Consumer credit: Falls for a record eighth month in a row, $14.8B in September to $2.46T, 4.7% below the year-ago figure. Economists expected a $10B decline. The drop led once again by a decline in credit-card debt, which fell for a 12th month, $9.9B to $889B - a 13.3% annualized rate. Nonrevolving debt fell at an annual rate of 3.7%, $4.9B to $1.57T. - http://seekingalpha.com/news/market_currents/post/36053


Borrowing fell more than economists predicted, declining by $14.8 billion, or 7.2 percent at an annual rate, to $2.46 trillion, according to a Federal Reserve report released today in Washington. Credit dropped by $9.86 billion in August, less than previously estimated. The consecutive declines were the most since records began in 1943.

A labor market that kept losing jobs in October threatens to limit consumer spending, which accounts for about 70 percent of the world’s largest economy.

/... http://www.bloomberg.com/apps/news?pid=20601068&sid=a1AE._kwvm3c