ECONOMY
Consumer Credit Shrank in August: Consumers cut purchases on credit by $1.29 billion in August, the Federal Reserve said. Loans for new cars plummeted by $1.97 billion in August, an 8.6% annual rate, after dropping in July by $931 million, a 4.1% annual rate. Auto loans have fallen every month this year, and manufacturers of North American-made cars reported that the model year ending in September was the worst since 1983. Credit card buying grew, however, by $1.18 billion after expanding in July by $462 million. This category has not declined since dipping 2.8% last January. Total consumer installment credit has dropped in eight of the past nine months beginning in December.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.