Borrowing falls further
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Published: November 8, 2009
Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery. The Federal Reserve says borrowing fell at an annual rate of $14.8 billion in September. That’s the biggest decline since July and is larger than the $10 billion drop economists expected. The eight consecutive declines in consumer credit mark the longest stretch on records dating to 1943.
Related Topics:
Business, Economic Indicators, Personal Finance, Labor Market, Unemployment Rate, Consumer Credit and Debt, National Economy, U.S. National Economy
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