how do you explain these:
Consumer Credit -
M/M change Prior-17.8 B; Consensus 12.0 B ; Consensus Range 10.0 B to 18.0 B
|Nonfarm Payrolls - M/M change||227,000||201,000||180,000 to 239,000|
|Unemployment Rate - Level||8.3 %||8.3 %||8.1 % to 8.4 %|
|Average Hourly Earnings - M/M change||0.1 %||0.2 %||0.1 % to 0.3 %|
|Av Workweek - All Employees||34.5 hrs||34.5 hrs||34.5 hrs to 34.6 hrs|
|Private Payrolls - M/M change||233,000||224,000||205,000 to 246,000|
2 Answers | Add Yours
It seems to me that, since Consensus Nonfarm Payroll and Private Payroll are both lower than these Prior payrolls, the reason Consumer Credit has backed down is that people are feeling the economic pressure of worsening times and are unable to meet their obligations, even though Hourly Earnings have increased one point to mid-range.
If I understand your table right (not sure if it formatted properly) this looks like an economy that has been sputtering a bit but may be about to experience an expansion. The one indicator on here that seems to be a leading indicator (consumer credit) is high while the other indicators are pretty much in the middle ranges. Therefore, it seems that the economy has been weak but that consumer spending may be about to pick up.
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