U.S. Consumer Credit Increases $18 Billion in August
The latest monthly report from the Federal Reserve shows that U.S. consumer credit increased by $18.12 billion to $2.726 trillion from July to August.
Consumer credit rose at an 8.03% annualized rate. This was the fastest expansion in three months.
Revolving credit, which includes credit card debt, rose to $854.9 billion in August, an increase of $4.2 billion, or 5.9 percent.
Consumers may be spending more as the employment figures improve. Unemployment dropped to 7.8% percent in September.