U.S. Consumer Borrowing Fell the Most in 14 Years
U.S.
consumer borrowing declined at an annual rate of 0.6% in October following
a revised 2% increase in September, according
to the Federal Reserve data. It was the biggest drop since a 1% decline in
October 1992.
The weakness was led by a huge decline in demand for auto loans and other types of non-revolving credit, which declined at a rate of 3.3% in October, following a small 0.4% gain in September, the largest one-month decline in this area since a 3.6% fall in May 1993.
The overall drop in borrowing fell by $1.24 billion from total consumer credit outstanding in October, pushing the total outstanding consumer borrowing down to $2.38 trillion.
