Economics Update

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Falling Consumer Credit, H/t Calculated Risk

So, consumer credit continues its decline, down $3.51 billion in October, a 1.7% annual rate, so the 70% of the economy that is consumer spending is still contracting in what exonomists call the "paradox of thrift."

In energy, oil fell to less than $74/bbl, while in currency, the dollar hit a 5-week high, largely on the employment numbers from last week.