U.S. Consumer Credit Unexpectedly Falls in August

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006885-us-consumer-credit-unexpectedly-falls-in-/

WASHINGTON – The amount of U.S. consumer credit outstanding fell in August, its first drop since November 2003, the Federal Reserve said on Thursday.

The Fed said consumer, non-mortgage debt declined by $2.4 billion to $2.038 trillion in August, much weaker than Wall Street projections for a $5.5 billion gain.

The Fed said the August drop – the first since a $600 million decrease in November 2003 – was the largest one-month decline since December 1990, in the buildup to the first Gulf war.

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U.S. Consumer Credit Unexpectedly Falls in August

Unknown Author

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