The two graphs below come courtesy of Investment Tools (via the Dow Theory Letters).
Commercial and industrial loans outstanding
The trend of loans is still strongly southwards. Also, the rate-of-change indicator (green line in the bottom section of the chart) does not yet seem to have started bottoming out.
Consumer credit outstanding
“One of the most sensitive measures of consumer spending is the trend of consumer credit. Consumers are hiding in the basement and saving. I get the feeling deflation is in the air,” said Richard Russell. The rate-of-change indicator also indicates no respite any time soon.
Source: Dow Theory Letters, January 21, 2010.
