Consumer credit in the USA saw a significant decline, with the actual change at $360 million compared to the previous $18.05 billion, marking a sharp decrease. This represents a drop of approximately 98%, indicating a substantial contraction in consumer borrowing.
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The actual figure of $360 million fell drastically short of the analyst estimate of $13.5 billion. This unexpected shortfall is likely to weigh on the stock market, particularly affecting sectors reliant on consumer spending, such as retail and consumer discretionary. The impact may be short-term, driven by sentiment, as investors reassess consumer demand and its implications for economic growth.