ECONOMY

Consumer Debt Tumbles in May: Consumers reduced their debt sharply in May, the Federal Reserve said in a report showing that Americans remain cautious about spending. It was the fourth straight monthly decline. Outstanding consumer debt fell at a 4% seasonally adjusted annual rate to $721.4 billion after an even steeper 5.9% drop in April, the Fed said. It was the 10th decline in 13 months. The report revised the April drop from the 6.3% estimated earlier, but it still was the steepest in 10 years. Outstanding automobile loans in May fell to a 7.8% annual rate after an 8% drop in April. Revolving credit, which includes credit cards, edged up to an 0.8% annual rate in May after a 3.2% rise in April.