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U.S. consumer spending slows in August

U.S. consumer spending slows in August

Consumer borrowing in the United States rose in August at the slowest pace in five months, reflecting weaker demand for auto loans.
The Federal Reserve reported Friday that consumer borrowing rose at an annual rate of 2.6 percent in August, compared to a 4.3 percent rate of increase in July. That was the slowest performance since borrowing actually fell in March.
The overall U.S. economy slowed in the spring as consumers were battered by soaring energy costs, rising interest rates and a cooling housing market.


Updated : 2021-03-05 14:22 GMT+08:00