US consumer borrowing slows down

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US consumer borrowing has grown at its slowest rate in six months during April, Federal Reserve figures show.

Consumer borrowing rose at an annual rate of 1.3%, compared with 7% in March, the Federal Reserve said.

Some analysts said that the figures showed that many US consumers were paying off their credit cards for the first time in more than a year.

There have been concerns that higher interest rates would see consumers rein in spending, slowing economic growth.

Consumers account for two-thirds of US economic growth.