Consumer Borrowing Growth Slows Down

Despite the start of the holiday shopping season, growth of consumer borrowing slowed in November, held back in part by a smaller increase in credit card use.

The Federal Reserve said Thursday that overall borrowing grew 10.4 percent at a seasonally adjusted annual rate in November, or by $8.6 billion, down from 13.7 percent in October.

Increases in all three categories were smaller than the previous month. Spending in many areas has been held back recently by a sluggish economy and weak job and income growth.

Federal Reserve policy-makers cut interest rates twice last year, the last time on Dec. 19, amid widespread indications that the economy was slowing.