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Home >> Business
UPDATED: 08:13, January 10, 2006
U.S. consumer credit down for second month in November
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The consumer credit in the United States declined in November for a second straight month, the first time that has occurred in more than 13 years.

The U.S. Federal Reserve reported on Monday that consumer credit edged down at an annual rate of 0.4 percent in November after having fallen at a 4.7 percent rate in October. The consumer borrowing declined at an annual rate of 648.8 million dollars in the month following a record rate of decline of 8.4 billion dollars in October.

Loans on credit cards and other types of revolving credit increased by a small rate of 0.5 percent in November after a drop of 2.8 percent in the previous month.

However, demand for non-revolving debt, a category that includes car loans and loans for boats and recreational vehicles, declined by 0.9 percent, the third consecutive month of drop.

The consumer spending accounts for about two-thirds of the US economic activities and is the main force in pushing the economy forward.

Source: Xinhua

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