Advertisement

US consumer borrowing rose at a slower pace in August

By JOSH BOAK
October 06, 2017 01:24 PM

WASHINGTON (AP) — U.S. consumers slowed their borrowing in August to an annual pace of 4.2 percent — a pullback from a pace of nearly 7 percent over the past three years.

Advertisement

The Federal Reserve says overall consumer credit rose $13.1 billion in August, down from the $17.7 billion increase in July.

Economists and financial markets monitor the consumer borrowing report for insights about consumer spending, a category that represents about 70 percent of U.S. economic activity.

Non-revolving credit, which includes auto and student loans, increased $7.3 billion. The revolving credit category, which includes credit cards, increased $5.8 billion.

The August increase brought consumer credit to a total of $3.77 trillion. The Fed's monthly credit report does not include mortgages or other debt secured by real estate, including home-equity loans.

Credits

By JOSH BOAK

Copyright 2017 The Associated Press. All rights reserved.

Advertisement


Relay Media Amp

Advertisement


Halloween Costume Photo Contest


Advertisement




Like Us on Facebook Follow Us on Twitter Follow Us on LinkedIn Follow Us on Google+ RSS Email Newsletters Android Apps iOS Apps



Former officer's sentence on drug charge stirs outrage

Many oppose proposed changes to science education standards

Suspect injured after shooting involving State Police

Burglary ringleader charged again with stealing motorcycles

Four-story construction project in Nob Hill underway