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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: Paul Kern1/9/2006 3:02:25 PM
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By Campion Walsh
Of DOW JONES NEWSWIRES


WASHINGTON (Dow Jones)--U.S. consumer credit declined in November, marking the first consecutive two-month contraction since June 1992, the Federal Reserve said Monday.

Consumer credit outstanding fell about $649 million in November to $2.156 trillion, according to the latest report from the Fed. That follows a record-large $8.4 billion decrease in October, previously reported as a $7.2 billion decline.

The November contraction was contrary to Wall Street expectations that consumer credit had expanded by about $4.5 billion during the month.

The consumer credit data, which exclude real estate mortgages, tend to be highly volatile from month to month and are frequently revised.

The latest report shows households in November cut their non-revolving credit, such as car and boat loans, by $984 million to $1.357 trillion. That followed a revised decrease of $6.5 billion in October, previously reported as a $5.6 billion decline.


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