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October 8, 2019 Comments (0) Views: 333 California News, Top California

Fed Reports U.S. Consumer Borrowing Rises $17.9B in August

The Federal Reserve reported on Monday consumer borrowing rose $17.9 billion in August, following a $23-billion increase the previous month. In August, consumer credit increased at a seasonally adjusted annual rate of 5.25%. Revolving credit decreased at an annual rate of 2.25%, and nonrevoving credit increased at an annual rate of 7.75%.

The latest credit numbers reflected a boost in auto and student loans. Those two categories rose $19.8 billion in August, which was the biggest increase in three years. That gain offset a $1.9 billion drop in the credit card category.

Though the economy is facing some strong headwinds, strong consumer spending has remained a solid underpinning for the economy. That trend is expected to continue through the year, mainly because economists believe the historical low unemployment will boost income growth.

Read more at Federal Reserve Report

Read more at AP News

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