Down and Out: Non-Financial Commercial Paper Outstanding

It appears that, after a short respite this summer, non-financial commercial paper outstanding is continuing to trend down.

The level of non-financial commercial paper outstanding is now declining at an annual rate of 50.11% and has just breached its prior low standing now at just over $101 billion.

A contracting non-financial commercial paper market indicates contracting business activity and likely suggests that the job market is still weakening.