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Business Briefing / The Economy

Consumers borrow less

February 07, 2009|Times Wire Reports

Consumer borrowing fell for a third straight month in December, the longest such stretch in 17 years, as households cut spending amid the economic downturn, the Federal Reserve said.

Borrowing dropped at an annual rate of 3.1% for the month. The $6.6-billion decline was nearly double what analysts expected. It followed an $11-billion drop in November that was the biggest monthly plunge since 1943.

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