Daily Journal masthead

Borrowing by US consumers expanded at the fastest pace in three months

bug
Share/Save/Bookmark

WASHINGTON — U.S. consumers increased their borrowing at the fastest pace in three months in December. The result signals that consumer spending should remain strong in coming months.

The Federal Reserve says borrowing expanded $21.3 billion in December, the strongest showing since an increase of $28.6 billion in September. That pushed total borrowing to a fresh record of $3.55 trillion.

Borrowing in the category that covers credit cards rose $5.8 billion, slightly below the November gain. Borrowing in the category that covers auto and student loans rose $15.4 billion in December, significantly higher than the November gain of $7.7 billion.

Consumer spending, which accounts for 70 percent of economic activity, is expected to accelerate this quarter after slowing in late 2015.

Think your friends should see this? Share it with them!

Story copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

 

Follow Daily Journal:

All content copyright ©2016 Daily Journal, a publication of AIM Media Indiana unless otherwise noted.
All rights reserved. Privacy policy.