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U.S. consumer credit growth weakens a bit in August
Consumer borrowing growth weakened a bit in August, led by weaker credit card debt, according to Federal Reserve data released Monday. Total consumer credit increased $17.9 billion, or an annual growth rate of 5.2%. Borrowing was up $23 billion in July. Economists has been expecting a $18.2 billion gain, according to Econoday. The trend rate for 2019 had been closer to $16 billion. What happened: Revolving credit, like credit cards, fell 2.2% in August, after a two-year high of 10.5% in July. Economists had been expecting the pullback, viewing the July pace as unsustainable. Nonrevolving credit, typically auto and ... (full story)