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US Consumer Borrowing Rises $25.5 Billion, Most Since Late 2022
US consumer borrowing increased in July by the most since November 2022, reflecting jumps in non-revolving debt and credit-card balances. Total credit outstanding increased $25.5 billion, according to Federal Reserve data released Monday. The gain exceeded all forecasts in a Bloomberg survey of economists. The figures aren’t adjusted for inflation. Revolving debt outstanding, which includes credit cards, increased $10.6 billion, the most in five months. Non-revolving credit, such as loans for vehicle purchases and school tuition, surged $14.8 billion in more than a year. The increase in borrowing helped fuel the ... (full story)
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- Posted: Sep 9, 2024 7:40pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,439
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