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U.S. Consumer Credit Growth Slows Considerably in May
U.S. consumer credit rose at its slowest pace in four months in May as Americans pulled back on credit card usage, a trend that if sustained, could hamper consumer spending amid growing recession fears. Total consumer credit increased by $22.35 billion, the smallest since January, after rising by a downwardly revised $36.76 billion in April, the Federal Reserve said on Friday. Economists polled by Reuters had expected consumer credit to climb $31.90 billion after a previously reported $38.07 billion advance in April. Revolving credit, which mostly measures credit-card usage, rose only by $7.419 billion after ... (full story)
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