Apr 7, 2009 3:00 pm US/Eastern
Consumer Borrowing Dips More Than Expected In Feb.
WASHINGTON (AP) ―
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The Fed says credit card use and other forms of borrowing decreased at an annual rate of $7.48 billion in February, or 3.5 percent, compared with January. (File)
AP
The Federal Reserve says consumer borrowing dropped in February, reversing an unexpected gain in the previous month.
The Fed says credit card use and other forms of borrowing decreased at an annual rate of $7.48 billion in February, or 3.5 percent, compared with January.
Wall Street economists expected borrowing to drop by only $1 billion, according to a survey by Thomson Reuters.
T
he report shows consumers reluctant to ramp up spending as employers shed millions of jobs and the economy is mired in a recession.
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