ECONOMY

Pace of Borrowing Slows: The Federal Reserve Board said consumer borrowing grew by $9.6 billion in June, compared to $13 billion the previous month. The latest increase was the smallest since a $4.7-billion rise in February. Analysts said the slower rate of increase in borrowing may reflect the fact that there was unusually large borrowing in April and May to help pay tax bills. Consumer spending, meanwhile, has risen at a slower pace this year, although lately it has shown some signs of picking up moderately. In its report, the Fed said consumer credit rose in June at an annual rate of 12%, compared to 16.6% in May and 14.8% in April. Credit card purchases and car buying accounted for nearly all the increase in debt.