Consumer Borrowing in U.S. Rises by Most in Nearly a Year
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Household borrowing increased in August at the fastest pace in almost a year, led by a jump in loans for school and automobile purchases.
The $25.9 billion increase, or an annualized 8.5 percent, followed a revised $17.8 billion gain the prior month, Federal Reserve figures showed Friday. The median projection called for a $16.5 billion advance. Non-revolving credit, which includes car and educational loans, also posted the largest advance since September of last year.