US consumer borrowing climbs to new record in August
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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Investigative Unit captures public equipment doing private jobs
Flood victims get pick of $3 million worth of clothes, toys and...
28-year-old arrested for three rapes in October, 2015 murder
Cara's shelter for displaced animals
Iberville Parish man charged in decades old cold case murders