US consumer borrowing fell for a 3rd straight month in December, the longest continuous period in 17 yrs, as households cut spending amid this steep recession and rising job layoffs. The US Federal Reserve said that consumer borrowing dropped at an annual rate of 3.1 % in December. The US$6.6B decline was nearly double what analysts expected, following a US $11B drop in November, the biggest monthly decline on record going back to 1943.
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