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The Federal Reserve reported today that Consumer Credit declined 8.5% in November, the largest decline since the mid-seventies. November also marks the tenth consecutive month of decline for this measure, the longest streak on record (dating back to the early forties).

Considering consumers make up the majority of the economy, this clear focus on deleveraging (spending less and saving more) is perhaps the single greatest challenge to economic recovery.

For more information on this topic download the latest issue of “The Felder Report.”