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Article: Americans borrow more in November; Where's the slowdown?: Federal Reserve says consumers are buying at a 10.2% clip
- Article from:
- Telegraph - Herald (Dubuque)
- Article date:
- January 9, 2001
- Author:
CopyrightCopyright 2001 Telegraph - Herald (Dubuque). Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON (AP) - Americans borrowed money more freely in
November, at the fastest pace in three months, as they made heavy
use of credit cards and financed autos and other personal items on
credit.
The Federal Reserve said Monday that consumer credit increased by
a larger-than-expected seasonally adjusted $12.9 billion in
November, or 10.2 percent at an annual rate.
Many analysts expected borrowing to grow more slowly in November
on the belief consumers were growing more cautious, the result of
less confidence in the economy, the stock market's volatility,
slowing job growth and higher energy prices. All these factors tend
to make people less inclined to spend.
"The death of consumer ...