Below is the chart of the day via Visual Economics:

It amazing to see the rapid rise in consumer debt. As mainstream attention remains on the housing crisis and loan defaults, its going to be very hard for the market to continue ignoring the current credit crisis.

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Chart Source: CalculatedRiskBlog.com

Retail sales rose 1.3% for the month of November following a 1.1% gain in October, reinforcing consumer confidence in the market. After the GDP rose 2.8% in the 3rd quarter Analysts forecasted slow growth for the 4th quarter and half of the 1st quarter of 2010. Analysts believe that a double digit unemployment, currently at 10% would weaken consumer spending. Data from the 4th quarter will be a better indicator to forecast next year. Quick break down of sales for November as follows;

Auto Sales –>  +1.6%

Department Store Sales –> +0.7%

Electronic/Appliance Store Sales –> +2.8%

Hardware Store Sales –> +1.5%

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