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Consumer borrowing advances solid 3.6% in July, second gain - Black News Channel

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By Martin Crutsinger AP Economics Writer WASHINGTON (AP) — U.S. consumer borrowing rose by a solid 3.6% in July, the second monthly gain after the coronavrius pandemic had sent borrowing down sharply in the previous three months. The Federal Reserve reported Tuesday that the 3.6% increase in July, which represented a $12.2 billion advance, followed a 3.3% rise in June and sharp declines in March, April and May. The strength in July came from a $12.5 billion rise in the category that includes auto loans and student loans. The category that covers credit cards fell by $293 million, the fifth […]

The post Consumer borrowing advances solid 3.6% in July, second gain appeared first on Black News Channel.

Source: Black News Channel - Black News Channel
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