Shorebank economist: Chicago Recession unlikely
Consumer debt rose $15.4 Billion in November, Bloomberg reports. Federal statistics showed that borrowing rose to $2.51 trillion. The figures suggest Americans are relying more on credit cards and other short-term borrowing to maintain spending after the collapse in subprime lending made bank loans harder to get. Consumer spending accounts for two-thirds of the economy. The Fed report doesn't include borrowing through home-equity loans.
Debt —and recession —is what I discuss Jan. 11 in my column with David Oser, Senior Economist with ShoreBank.
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