Consumer Borrowing Slows To Weakest In 7 Months
WASHINGTON — Borrowing by consumers slipped in July to the weakest pace in seven months, reflecting a big slowdown in demand for car loans.
The Federal Reserve reported Monday that consumer borrowing grew at an annual rate of just 2.1 percent in July, the slowest pace since a 1.9 percent rise last December.
The slowdown reflects a tiny 0.5 percent rate of growth in the category that includes auto loans, down from a 6.1 percent surge in this category in June. Automakers reported that demand for cars fell in July to the lowest level in 16 years.