Consumer Loan Growth: 10%

According to monthly banking data from the Federal Reserve, consumer loans have continued to grow at close to 10% (year-to-year) during the entire recession (see bottom chart above, click to enlarge). Notice in the top chart going back to 1950 that the positive consumer loan growth during the current recession is much different than the significant declines in consumer loan growth in every of the last nine recessions except the 1982 recession.

As much as we hear about a "credit freeze" and a "credit crunch," the consumer loan data through January 2009 suggest a slightly different story.