WASHINGTON (AP) — Consumer borrowing in March grew at the slowest pace in nine months as Americans pulled back on credit card use.
The Federal Reserve says borrowing increased by $10.3 billion in March. That was the smallest monthly advance since an $8.8 billion rise last June. Borrowing had increased $15.5 billion in February.
The slowdown reflected a $2.2 billion drop in the category that includes credit cards. That offset a $12.5 billion rise in borrowing in the category that covers auto loans and student loans.
Consumer credit is closely watched for clues it can provide of the willingness of households to increase their borrowing to support consumer spending, which accounts for 70 percent of economic activity.
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