Key Takeaways
- U.S. consumer credit significantly exceeded expectations in July, rising by $16.01 billion, driven by a notable surge in revolving credit.
- IBM (IBM) continues to advance its quantum computing capabilities, with its CFO confirming over 75 quantum computers in scaled production and a roadmap towards fault-tolerant systems.
- Norway's Labour Party government is projected to win re-election, with early counts showing the party at 28%, the Progress Party at 24.7%, and the Conservative Party at 14.4%.
- Former President Donald Trump has filed a defamation lawsuit against the Wall Street Journal, denying authorship of a letter included in Jeffrey Epstein's 2003 birthday book.
The U.S. economy saw a substantial increase in consumer credit during July, with total credit rising by $16.01 billion. This figure significantly surpassed both the estimated $10.20 billion and the previous month's revised $9.61 billion (initially reported as $7.37 billion). The Federal Reserve reported that consumer credit increased at a seasonally adjusted annual rate of 3.8% in July.
A deeper look into the consumer credit data reveals that revolving credit, which primarily includes credit card debt, surged by an annual rate of 9.7%. Nonrevolving credit, encompassing auto and student loans, also saw an increase, albeit more modestly, at an annual rate of 1.8%. Total outstanding U.S. consumer debt reached $17.94 trillion as of July 2025, a 2.5% increase from July 2024, with mortgage debt accounting for 74.0% of the total.
In the technology sector, IBM (IBM) is making significant strides in quantum computing. The company's CFO stated that IBM now has over 75 quantum computers in scaled production. This development aligns with IBM's ambitious roadmap to build the world's first large-scale, fault-tolerant quantum computer, IBM Quantum Starling, by 2029, which is expected to perform 20,000 times more operations than current quantum computers. IBM also aims to achieve a quantum computer with over 4,000 qubits by 2025 through modular design and quantum-centric supercomputing.
On the international political front, Norway's minority Labour Party government is projected to secure a re-election victory in the parliamentary elections held on Monday, September 8, 2025. Early counts reported by Daily VG show the Labour Party leading with 28% of the vote. The populist Progress Party is trailing with 24.7%, while the center-right Conservative Party holds 14.4%. The election outcome is expected to influence Norway's substantial oil and gas industry, its power supplies to Europe, and the management of its $2 trillion sovereign wealth fund.
Meanwhile, former President Donald Trump has initiated legal action against the Wall Street Journal and its publisher, Dow Jones & Company, filing a defamation lawsuit seeking at least $10 billion in damages. The lawsuit stems from a Wall Street Journal report alleging that a "bawdy" letter bearing Trump's signature was included in Jeffrey Epstein's 2003 birthday book, which has since been submitted to Congress. Trump has vehemently denied writing the letter, calling it a "FAKE" and a forgery. A spokesperson for Dow Jones has stated confidence in the accuracy of their reporting and vowed to vigorously defend against the lawsuit.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.