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The Federal Reserve said consumers borrowed less for a record ninth consecutive month in October.
It was another sign that consumer spending is likely to remain weak, experts said, making it harder for the economy to mount a sustained rebound.
The Fed says consumer credit fell at an annual rate of $3.5 billion in October, to $2.48 trillion, although that’s lower than the $9.3 billion decline that economists had expected.
The Fed report says consumer credit overall dropped at an annual rate of 1.7 percent in October, compared with a 4.2 percent drop in September.
Demand for revolving credit, which includes credit cards, fell 9.3 percent, while borrowing in the category that includes auto loans rose at an annual rate of 2.6 percent.
