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Wall Street Breakfast

Wall Street Breakfast June 8: Consumer Credit Expands More Than Expected, Consumer Spending Remains Strong

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8950 Ratings

🗓️ 8 June 2022

⏱️ 7 minutes

🧾️ Download transcript

Summary

US reportedly seeking funds to purchase enriched uranium. Consumer credit expands more than expected in April. Consumer spending remains strong as pendulum swings to services, Visa CFO says. Deeper dive: Is the current inflation situation comparable to the 1970s? Catch today’s WSB article here.

Transcript

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0:00.0

Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.

0:06.8

Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.

0:11.5

Good morning. Today is Wednesday, June 8th, and I'm your host Julie Morgan.

0:15.9

Our top stories, Consumer Credit, Consumer Spending, and Uranium.

0:22.0

But first, let's take a look at market futures. Dow, S&P and NASDAQ

0:26.0

futures are down. The Dow down 173 points, the S&P down 21 points, and the NASDAQ down 50 points. We'll take another look at futures as

0:36.2

well as the world markets crude oil and commodities in a few minutes. In the earnings spotlight today, Thor Industries, Campbell Soup,

0:46.3

Bosch and Lome Corporation, and five below. In our day watch, ExxonMobil closed up 4.6% in Tuesday's trading to easily breach $100 and reach

0:58.4

its highest level in eight years, closing less than a dollar from its all-time closing high of $104.38, said on June 23rd of 2014.

1:10.0

Now our top stories. Consumer credit expands more than expected in April.

1:15.0

April Consumer Credit expanded by more than $38 billion month over month versus the $35 billion

1:21.3

consensus. Total outstanding consumer credit of $4.57 trillion

1:27.0

gained from $4.48 trillion in March.

1:30.2

Revolving credit, which includes credit card debt debt grew at a seasonally adjusted annual rate of 19.6% to 1.1 trillion dollars.

1:39.4

Non revolving credit which includes auto and student loans,

1:42.8

climbed at an annual rate of 7.1% to 3.5 trillion.

1:47.5

Meanwhile, consumer spending remains strong.

1:50.6

The CFO of Visa says people are starting to spend more on services after that sector was suppressed during the pandemic.

1:58.0

He said the greatest growth right now is for things people couldn't do before like travel, restaurants, entertainment, and so on.

2:05.3

Hand in hand with this info, Tuesday Target announced additional markdowns to come

2:10.0

as they tried to offload excess inventory in cancel orders.

2:15.0

The U.S. is reportedly looking for funding

...

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