US consumer borrowing jumps $19.1 billion in July to record $3.45 trillion
{{#rendered}} {{/rendered}}U.S. consumer borrowing climbed to a fresh record in July, the latest evidence that the U.S. economy should grow at a healthy pace in the second half of this year.
The Federal Reserve says consumer borrowing rose by $19.1 billion in July, pushing the total to a record $3.45 trillion. This followed an even larger $27.1 billion increase in June, the biggest one-month gain in credit since November 2001. The June increase was revised up significantly from an initial estimate of $20.7 billion.
Economists believe strong job gains will support increased borrowing and consumer spending, which accounts for nearly 70 percent of economic activity.
{{#rendered}} {{/rendered}}In July, borrowing in the category that includes auto and student loans rose $14.8 billion while the category for consumer card debt increased $4.3 billion.