Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

US consumer borrowing climbs to new record in August

1 year 3 weeks 13 hours ago October 07, 2015 Oct 7, 2015 Wednesday, October 07 2015 October 07, 2015 2:04 PM in News
Source: Associated Press
By: Martin Crutsinger

WASHINGTON - U.S. consumer borrowing advanced at a solid pace in August, as Americans took out more auto and student loans.

The Federal Reserve says consumer borrowing rose by $16 billion in August, pushing the total to a fresh record of $3.47 trillion.

The August advance was slightly below the July gain of $18.9 billion. In June, credit had soared by $27.2 billion, the largest increase since November 2001.

Borrowing for car and student loans rose $12 billion in August. Borrowing in the category that covers credit cards rose by $4 billion.

Economists are forecasting that consumer spending, which accounts for 70 percent of economic activity, will remain strong in the coming months, supported by continued willingness of households to take on more debt.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
7 Days