Source:
Associated PressJuly 8, 2009 - 2:00 PM
WASHINGTON - Consumers trimmed borrowing in May for the fourth straight month as the recession took another bite out of investments and drove unemployment higher.
The Federal Reserve says consumer credit fell at an annual rate of 1.5 percent, or by $3.2 billion, from April. Economists expected a deeper cut of $9.5 billion.
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Revised data show consumers ratcheted back borrowing at a 7.8 percent pace in April, or by $16.5 billion. That was a bigger cut than first reported and the largest — in dollar terms — on records dating to 1943. The $15.6 billion drop in March was slightly less than previously reported, but the second largest tally ever.
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