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Consumer Debt Dropped in the Second Quarter

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Consumer Debt Dropped in the Second Quarter

Consumer Debt Dropped in the Second Quarter
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Consumer Debt Dropped in the Second Quarter

Wochit 0:55 mins

Americans trimmed their overall indebtedness in the latest quarter, continuing a nearly five-year trend as mortgage balances fell further. Data from the Federal Reserve Bank of New York showed total consumer debt stood at $11.15 trillion in the second quarter, down 0.7 percent from the previous quarter. St. Louis Federal Reserve President James Bullard said The Federal Reserve needs to gather more evidence that the economy is improving and inflation heading higher before deciding to taper its massive bond buying program U.S. producer prices were flat in July and pointed to very little inflationary pressure in the economy, which could add to worries at the U.S. Federal Reserve that inflation is running too low.

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