[mEDITate-OR:
This is a very interesting development, troubling in some ways, but not in others.
Other reports tell U.S. that credit has expanded for durable, large items...
but continuing to drop for credit card purchases.
There seems to be a continuing shift to cut back on retail credit...
but to buy big ticket items that we want or need.
What we do NOT see is a large increase in "savings".
That suggests that due to unemployment and/or insecurity
we are paying down our debts, and buying less.
or, more that we are buying more thoughtfully - DO we need it.
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Retail sales tumble sharply in May
Retail sales suffer largest decline in 8 months
Spending takes a big plunge; consumer sentiment strengthens
A big drop in May retail sales has raised new concerns about the durability of the economic recovery. But consumer sentiment improves to strongest level in nearly 2 1/2 years.
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