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Friday, August 6, 2010

Consumer Credit Continues Decline, Though Past Months Revised Up

Marketwatch details:

U.S. consumers shed some of their debt in June for the fifth month in a row, the Federal Reserve reported Friday. Total seasonally adjusted consumer debt fell $1.34 billion, or a 0.7% annualized rate, in June to $2.418 trillion. Economists expected a decline. The series is very volatile. May consumer credit was revised sharply higher to a decline of $5.28 billion compared with the initial estimate of a drop of $9.15 billion. The decline in June was led by revolving credit-card debt, which fell $4.48 billion or 6.7%.