In November consumer borrowing zoomed by $23.75 billion boosted by an increase of $19.5 billion in spending on credit cards. In records going back to 1943 November was the third highest increase ever. The surge in consumer spending continued in December as the monthly increase in Retail Sales was 0.6% compared to 0.3% in November. According to Adobe consumers spent a record $222.1 billion online during November and December. Based on this data the economy is humming along like a freight train. However, if the pick-up in demand is dependent on the assumption of debt, rather than an...
