PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MKTBUZZ who started this subject	2/7/2003 4:06:30 PM
From: Kenneth E. Phillipps	Read Replies (3) of 769670

Consumer credit drops sharply December's unexpected drop caps the slowest year for credit growth in a decade. February 7, 2003: 3:20 PM EST WASHINGTON (Reuters) - U.S. consumer credit outstanding dropped sharply and unexpectedly in December, posting a second straight decline that capped the slowest year for credit growth in a decade, a Federal Reserve report on Friday showed. The central bank said consumer debt fell by $4.0 billion in December after a revised drop of $100 million a month earlier. The Fed had originally reported a decline of $2.2 billion in November. The sharp December drop held consumer debt growth for all of 2002 to 3.3 percent, the smallest increase since 1992. In addition, in percentage terms, consumer debt declined at a 2.75 percent annual rate in December, the biggest monthly decline since a 3 percent drop in April 1992. Economists on Wall Street had expected consumer credit to rise $3.3 billion in December.

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