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Consumer Credit Drops May 2009
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Consumer credit in the U.S. contracted by a record in March after the jobless rate reached its highest level in a quarter century and banks made it harder to get loans in an effort to buttress their balance sheets.
Consumer credit fell by $11.1 billion, almost three times more than forecast and the most since records began in 1943, to $2.55 trillion, according to a Federal Reserve report released today in Washington. The 5.2 percent drop at an annual rate was the biggest since 1990, the Fed said. Credit also decreased by $8.1 billion in February, more than previously estimated.
Today’s report reflects a campaign by both consumers and financial companies to strengthen their books in the aftermath of the bursting of the credit bubble. It also offers evidence that lenders are reducing access to borrowing even after unprecedented efforts by the Fed and Treasury to sustain credit, including purchases of more than $200 billion of bank stakes.
“When you have record job losses, you have to expect record declines in spending and economic activity in general,” said Richard Yamarone, chief economist at Argus Research Corp. in New York, referring to the 5.1 million jobs lost since the recession started in December 2007, pushing the unemployment rate to a 25- year high of 8.5 percent.
Economists had forecast consumer credit would drop $4 billion in March, according to the median of 26 estimates in a Bloomberg News survey. Projections ranged from a $7 billion drop to a gain of $1.5 billion. The Fed initially reported a $7.5 billion decrease in consumer credit for February.
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