Consumer borrowing climbed to a record in July, the latest evidence that the American economy is on track to grow at a healthy pace in the second half of this year. The Federal Reserve said consumer borrowing rose by $19.1 billion in July, pushing the total to a record $3.45 trillion. This followed an even larger increase in June, which was revised up to $27 billion, the biggest one-month gain since November 2001. In July, borrowing in the category that includes auto loans and student loans rose $14.8 billion, while the category for consumer card debt expanded $4.3 billion. Over the last year, consumer borrowing has risen 6.8 percent. The Fed’s monthly report on credit does not cover home mortgages or other loans secured by real estate such as home equity loans.þ
Source: NY Times
