### Comment:
&gt; Consumer credit also grew much lower than expected last month.  
  
 Consumer credit has done nothing but go down since 2009 though, so this really isn't an indicator of anything anymore.  American culture itself has shifted dramatically when it comes to consumer debt.  We actually learned our lesson collectively from the great recession.

### REPLY:
Yeah on one hand it’s an indicator of the credit cycle, on the other savings rates are up so any type of economic downturn would be likely be more weatherable from consumers in general.  
  
 Even if we get a recession, there aren’t any screaming alarm bells that would indicate it would be anything like 2008-09

### END.