Someone should be fired for that big of a miss. It is ridiculous! No link, just crossed the Dow Jones newswires.
Feb was down nicely, of course people focus on the revision. On the employment report of course, they ignore the revision and look at the current number. People are so delusional right now
So, let me get this straight, because it's hard to believe. You really did see a credible report saying that the amount consumers borrowed in January was 8.1 billion versus the 1.8 billion reported?
The wires are often wrong. Here, I bring a link: http://news.google.com/news/url?sa=...ine.wsj.com/article/SB123913125063097913.html
Thanks for the link, it proves the wires correct. "Credit in January grew $8.1 billion, revised way up from a previously estimated $1.8 billion rise."
http://finance.yahoo.com/news/Consu...html?sec=topStories&pos=2&asset=TBD&ccode=TBD Consumer Borrowing Declined in February By THE ASSOCIATED PRESS Published: April 7, 2009 WASHINGTON (AP) â Consumer borrowing plunged in February by more than analysts expected as Americans cut back their use of credit cards by a record amount. The Federal Reserve said Tuesday that consumer borrowing dropped at an annual rate of $7.48 billion in February, or 3.5 percent, from January. Wall Street economists expected borrowing to slide by only $1 billion, according to a survey by Thomson Reuters. The decline was led by a record drop in borrowing on credit and charge cards, which fell at an annual rate of $7.8 billion, or 9.7 percent. That is the sharpest drop in dollar terms since federal records began in 1968, and the steepest percentage fall since 1978. The report shows consumers reluctant to ramp up spending as employers shed millions of jobs and the economy is mired in a recession.