Consumer borrowing fell again in February, reflecting weakness in credit cards and auto loans. Analysts said the sharp reduction showed that the weak economy is still making consumers hesitant to take on more debt. The Federal Reserve said Wednesday that borrowing declined by $11.5 billion in February, surprisingly weaker than the small, $500 million gain that economists had expected. The February decline was the 12th decrease during the past 13 months as consumers slash borrowing in the face of a deep recession and high unemployment. Analysts said consumer borrowing is being held back by lingering fears about job security.
- Associated Press