The detailed message was a second month of solid growth in business credit as seen in the following chart of monthly and trend growth in credit.
Looking beyond the monthly data points, the Henderson moving average trends are as follows.
But this welcome sign in business credit needs to run for a bit before we will see business credit growth where it was prior to the GFC.
The other sectors are not growing as as healthily (neither on their individual historical standards, nor in terms of the change in their growth rate) ... although investor housing has turned a corner.
The recent combined growth story is as follows.
The actual aggregates are as follows.
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