I appeared on Fox News Radio today on the Tom Sullivan Show. He asked me about the non-existant inflation report today, the poor retail sales numbers and the zero percent wage growth report. (One listener sent me an angry email saying all lending trends were positive — he must be a golfer that is confusing declining scores with success).
We also got around to discussing positive bank profits. But I pointed out that bank lending is declining in the face of stagnant wage growth.
Bank Loans and Leases YoY are declining.
As are Commercial and Industrial Loans YoY, the lowest level since July 2011.
1-4 unit mortgages outstanding? We are still below the YoY growth rate at anytime between 1992 and 2008.
Multifamily mortgage debt outstanding is growing and is back at 2007 levels.
Tough market conditons!