Consumer Credit Slows to a Crawl as Used Car Prices Crash

US Consumers are showing signs of weakness after consume credit grew by just $7.24 billion in June, far below expectations of $20.25B. In a related story, used car prices fell by more than 10% year over year according to Manheim as higher interest rates and tightening lending standards have squeezed auto shoppers. Credit contraction and lower car prices are yet another indicator that deflation is coming.

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