WASHINGTON Consumer borrowing fell in November for a second straight month, the first time that has occurred in more than 13 years.
The Federal Reserve reported today that borrowing declined at an annual rate of $648.8 million in November following a record rate of decline of $8.4 billion in October.
The weakness in November caught analysts by surprise. They had been expecting a rebound in borrowing based on the fact that consumer spending and consumer confidence both revived in November, reflecting a drop in gasoline prices.
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