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US consumer borrowing posts biggest gain since late 2017

US consumer borrowing posts biggest gain since late 2017

ECONOMIC NEWS

US consumer borrowing posts biggest gain since late 2017

Consumer borrowing surged in July at its fastest pace since late 2017, driven by a big jump credit card use.

The Federal Reserve says overall consumer borrowing increased by $23.3 billion in July after a $13.8 billion advance in June. It was the biggest monthly gain since a $29.9 billion jump in November 2017.

The large July gain was led by a sizable increase in borrowing in the category covering credit cards, which rose by $10 billion in July after having fallen by $186 million in June. Borrowing in the category that covers auto and student loans also posted a sizable gain, rising by $13.3 billion in July following a $14 billion June increase.

Consumer borrowing is closely watched for signs it provides about consumer spending.


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