Access to consumer credit also enables many entrepreneurs to finance the start-up or expansion of small businesses, a large source of employment in the United States. Second, a robust consumer credit market facilitates the growth of consumer durables industries (e.g., computers, autos, and appliances) in which new technologies, mass production, and economies of scale have historically created employment growth and new wealth.
In analysing monetary developments it should be recognised that the intensification and broadening of the financial turmoil since September 2008 has the potential to affect the evolution of monetary aggregates significantly. It has already had a substantial impact on the behaviour of market participants, as indicated by recent money and credit data.