US Consumer Spending Fell By $7.2 Billion In August

WASHINGTON: U.S. consumers cut back on their borrowing in August, with credit card use dropping for a sixth straight month, reflecting caution in the midst of the pandemic-triggered recession.

The Federal Reserve said Wednesday that total borrowing fell by $7.2 billion after a gain of $14.7 billion in July. It was the biggest decline since a $12 billion fall in May when pandemic-driven shutdowns ground the economy to a near standstill.