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To: Ron McKinnon who wrote (49370)	10/7/2003 3:18:49 PM
From: Ron McKinnon	Read Replies (1) \| Respond to of 53068

August Consumer Credit August consumer credit rose $8.2B after a very slight upward revision to a $6.1B rise in July (from a previously reported +$6.0B increase during that month). A $7B rise in non-revolving credit likely is tied to increased auto purchases. Revolving credit (read credit cards) rose just $1.2B, with the weak growth partly due to paydowns as lower cost mortgage refinancing replaced some of this high cost credit. From a year ago, outstanding credit is just 3.7% higher, as revolving credit has grown just 1% and non-revolving is up 6% from a year ago.