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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Junkyardawg who wrote (37954)	6/8/2000 12:35:00 AM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 63513

Nope, read the next response the gloopmonster.

To: Junkyardawg who wrote (37954)	6/8/2000 12:36:00 AM
From: Junkyardawg	Read Replies (2) \| Respond to of 63513

Wednesday June 7 4:20 PM ET Consumer Credit Growth Slowed in April WASHINGTON (Reuters) - U.S. consumers boosted their purchases on credit during April, but it was the slowest rate in six months, the Federal Reserve said on Wednesday, suggesting a possible easing in robust consumer demand. Consumer installment credit increased $9.3 billion in April, down from an upwardly revised $10.6 billion in March. While still reflecting a healthy pace of credit buying, it was the smallest monthly increase since a $5.3 billion gain in October 1999. The Federal Reserve has pushed U.S. interest rates up six times in the past year, aiming to crimp consumer spending before it can generate inflationary wage and price rises. So far, there are only scattered signs that a hoped-for slowdown has begun in economic growth. The monthly consumer credit report is one statistic the Fed watches closely as a gauge of consumer spending, which fuels two-thirds of national economic activity. It is an imperfect measure, however, since it does not include home- equity loans that any consumers use to finance new-car and other purchases. Speak your mind Discuss this story with other people. [Start a Conversation] (Requires Yahoo! Messenger) The Fed said that revolving, or credit card debt, grew $5.9 billion in April at an 11.4 percent rate, down moderately from March's $7 billion pickup at a 13.8 percent rate. Nonrevolving credit, a category that includes new car loans as well as other borrowing for purposes like education or to buy mobile homes, boats or trailers was up $3.4 billion at a 5 percent rate in April, compared with a $3.7 billion increase at a 5.5 percent rate in March. On Wednesday, San Francisco Fed Bank President Robert Parry said he was not yet convinced the economy was shifting into slower gear, implying the possibility more interest rate increases lay ahead. ``There are few signs but perhaps a couple of signs that we in fact are making some progress,'' Parry told Reuters in an interview. In comments echoing those of Federal Reserve Governor Laurence Meyer on Tuesday night, during a speech in Boston, Parry said the economy may have to be slowed down to a rate below its long-term potential, at least until inflation pressures are wrung out of it. He said the economy's sustainable growth rate was around 4 percent, considerably below the 5.4 percent rate of annual growth in gross domestic product the government reported for the first quarter this year.