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US consumer borrowing increased in July
WASHINGTON — American consumers borrowed more heavily in July, increasing their debt primarily in a category that includes auto and student loans.
The Federal Reserve said Friday that overall consumer credit rose $18.5 billion in July, up from the $11.9 billion increase in June.
Economists and financial markets watch the credit report closely for clues about the direction of consumer spending, which accounts for about 70 per cent of economic activity.
Non-revolving credit, which includes auto and student loans, increased $15.8 billion. The category that includes credit cards advanced $2.6 billion.