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US Consumer Borrowing Rises at Slowest Pace Since Late 2020
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. Non-revolving credit, such as loans for school tuition and vehicle purchases, decreased $1.3 billion, the first decline since April 2020. Five-year lending rates for new-vehicle purchases reached 7.81% in May, the highest since 2006, the Fed data ... (full story)