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.

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