More US credit crunch signals

David Llewellyn-Smith

Wednesday, 12 April 2023

At this point, we should not be surprised. After late March’s record fall in C&I bank lending:

Today we get demand-side corroboration in the form of the NFIB small business credit availability index:

And, just to remind you why this index matters:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.