Business precautionary draw downs of lines of credit caused the spike, followed by a contraction as operational needs contract:

Growth in real estate loans is slowing:

Consumer borrowing dropped with the stimulus checks and then has flattened:

Pause, recovery, and then a leveling off:

The gap closed but at a slower rate indicating the extent to which the economy remains subdued 6 months into the crisis:

Interesting- never seem gov sharply procyclical like this:

Same large dip partial recover story:

Down a bit but still way high this many months after the initial surge:

Growth has been working it’s way lower for a long time:

Not much of a recovery here:

Total orders for the last several months are way down:

Settling down as fiscal transfers subside, but still elevated:

Income falling faster than consumption is growing:

Real Personal Income less Transfer Payments

Transfer payments decreased by $70 billion in July, but were still $1.7 trillion (on SAAR basis) above the February level. Most of the increase in transfer payments – compared to the level prior to the crisis – is now from unemployment insurance.

However, there will be sharp decline in unemployment insurance in August.

Still over 1million new claims last week. This is seriously bad:

They had already leveled off well before the collapse:

As the carpenter said about his piece of wood:
‘No matter how much I cut off it’s still too short.’
They still have the interest rate thing backwards:

Testing is down as are new cases, just like the President said:

Falling off again:

After a typical precautionary draw down of credit lines, business loan growth turned and remains negative:

Total bank credit has gone flat:

Consumer borrowing is down, partly because of fiscal policy, and partly due to reduced spending:

Real estate lending has slowed, but not by a whole lot:

Demand for petrol products dropping with the end of unemployment comp:

Back up over 1 million new claims last week. Relapse underway without immediate fiscal adjustments:

This leading indicator remains seriously depressed:

Remains depressed and had been slowing for several years:

Seems back on track due to unemployment comp, etc. which has recently expired:

Familiar pattern: