8 August 2001, 09:17 U.S. June consumer credit shocked at -$1.6 billion
posting its first drop since November 1997's -$540m. June revolving credit was
+$2.3b, nonrevolving was -$3.8 billion, the Federal Reserve reported
Tuesday. Note that the ratio of consumer credit to personal income is a
lagging indicator of the economy, however: it drops only after a
downturn in the economy has been established.
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