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The Federal Reserve reported a rise in consumer credit Friday afternoon, but as I’ve noted in past months, this data is entirely skewed by the newly added Federal Government student loan program which has given recent consumer credit data the appearance of a significant improvement. If you back out this newly added data you actually get a continuation in the negative trend in consumer credit with a month on month decline of $1.6B.

Year over year the figure is still dropping 5.6%. It’s not a pretty picture out there despite the government’s efforts to right the ship. Click to enlarge:

Source: Consumer Credit Still Dropping