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US consumers reduced their borrowing by $18.3 billion in May

US consumers reduced their borrowing by $18.3 billion in May Photo: WDIO/MGN

MARTIN CRUTSINGER AP Economics Writer
Created: July 08, 2020 03:23 PM

WASHINGTON (AP) - U.S. consumers reduced their borrowing for a third straight month in May as the millions of jobs lost because of the coronavirus pandemic made households less eager to take on new debt.

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The Federal Reserve reported Wednesday that consumer borrowing declined by $18.3 billion in May, a drop of 5.3%.

Borrowing had fallen by 4.5% in March and then plunged 20.1% in April. That was the biggest one-month decline in percentage terms since the end of World War II.

Borrowing in the category that covers credit card debt fell $24.3 billion following April's record $58.2 billion decline.
 

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MARTIN CRUTSINGER AP Economics Writer

Copyright 2020 The Associated Press. All rights reserved.

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