Just like every other U.S. Government Agency that struggles with math, the Federal Reserve is no exception. Keeping with the Federal Government mandate to overstate initially reported data, the Federal Reserve just reported September consumer credit figures that came in higher than the revised August 2010 figures. WOW, no one saw that coming!
Consumer credit for September was reported at $2.411 trillion and the media headlines read: "consumer credit up an unexpected $2.1 billion from August. Well yes, Mainstream Media, the figure was greater than August however the Federal Reserve revised the initially reported figure of $2.4146 trillion to $2.4097 trillion. DUH!
Not that the manipulated stock market cares or the average bull, but July 2010 consumer credit figures have been revised 3 times as of today's report. The Federal Reserve's crack calculating department initially reported July 2010 consumer credit at $2.4189 trillion, then revised it to $2.4176 trillion and today's reported July figure came in at $2.4145 trillion.
One can safely assume that September's figure will appear remarkably different by its 3rd revision.