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Bank credit contracts, loans drop in latest week: Fed data


(Reuters) – Bank credit at U.S. commercial banks shrank in the latest week as commercial banks lent less to businesses, data published by the Federal Reserve showed on Friday.

Overall bank credit, on a non-seasonally adjusted basis, was $17.23 trillion in the week ending Aug. 9, down from $17.25 trillion a week earlier and $17.32 trillion a year earlier. Loans and leases fell to $12.13 trillion, from $12.15 trillion the week prior; commercial and industrial loans slipped to $2.74 trillion, from $2.75 trillion in the week ending Aug. 2.

(Reporting by Ann Saphir; editing by Jonathan Oatis)

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