A recent Federal Reserve report proposes that consumer spending is expected to continue to be weak as consumer borrowing falls.
Washington, D.C. (WiredPRNews.com) – A recent report by the Federal Reserve suggests that consumer spending may continue to remain weak as consumer borrowing continues to fall. As reported by the Associated Press (AP), consumer borrowing was shown to have fallen in October for the ninth consecutive month, signaling a challenge for a prolonged economic rebound.
As noted in the AP report, the Federal Reserve report showed the annual decline of consumer credit to be $3.5 billion in October, which is significantly lower than previous estimates by economists. The overall decrease was stated to be 1.7 percent. The number shown for September was a 4.2 percent decline.
As further noted by the AP, a drop in revolving credit demand was also seen.
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