US Consumer Borrowing Rises at Slowest Pace Since Late 2020
- Non-revolving credit decreases for first time since April 2020
- Rates jump for auto loans and credit cards, stifling consumers
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US consumer borrowing slowed to a more than two-year low in May, reflecting the first decline in non-revolving credit since the onset of the pandemic.
Total credit rose $7.2 billion, the smallest advance since November 2020, Federal Reserve data showed Monday. The figure, which isn’t adjusted for inflation, was lower than all forecasts in a Bloomberg survey of economists.