Banks are putting the squeeze on consumer credit:
June Consumer credit only grew by $6.5 billion in June according to the Federal Reserve, via Bloomberg.
That’s well below The $10.25 billion that was expected.
It’s also well below the $16.69 billion in the month before.
Dow Jones notes that it’s the slowest pace in 8 months.
Revolving credit actually shrunk 5.1%, which is ominous.
But… but… I thought the last jobs report meant we were safe from the double dip!