Consumer borrowing falls sharply in May, marking the 15th decline in the past 16 months

Consumer borrowing down sharply in May

WASHINGTON — Consumer borrowing fell again in May, more evidence that Americans remain jittery over their finances and the durability of the economic recovery.

The Federal Reserve says borrowing dropped by $9.1 billion in May. It also says borrowing declined by $14.9 billion in April, revising an initial estimate that showed a gain for the month.

Consumer borrowing has fallen in 15 of the past 16 months as households have struggled with uncertain job prospects and battered finances following a deep recession.