Consumer Borrowing Falls Sharply, Jitters Remain

Thursday, 08 Jul 2010 03:38 PM

 

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Consumer borrowing fell again in May, more evidence that Americans remain jittery over their finances and the durability of the economic recovery.

The Federal Reserve says borrowing dropped by $9.1 billion in May. It also says borrowing declined by $14.9 billion in April, revising an initial estimate that showed a gain for the month.

Consumer borrowing has fallen in 15 of the past 16 months as households have struggled with uncertain job prospects and battered finances following a deep recession.

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