Early indications suggest that consumer spending was at least as robust in January. New car sales reached a new record for that month. |
Exports increased at their slowest pace since the 1980s [ excepting 2003 figures affected by VAT fraud], but import demand was robust due to healthy consumer spending and machinery and equipment investment. |
The debt build-up isn't a problem for now but it will be when employment and wage growth eventually slows and the government is not cutting taxes and boosting spending. |