WASHINGTON — The Federal Reserve says U.S. consumer borrowing hit another record in June, good news for the American economy.
The Fed says Americans piled on another $20.7 billion in debt in June, bringing total consumer borrowing to a record $3.42 trillion.
In June, borrowing in the category that includes auto and student loans rose by $15.2 billion. Borrowing in the category that includes credit cards rose by $5.5 billion.
Economists expect consumers to borrow and spend more the rest of the year. That would boost growth in a country where consumer spending accounts for nearly 70 per cent of economic activity.
Consumers are drawing confidence from an improving job market. On Friday, the Labor Department said employers added 215,000 jobs in July and unemployment remained at a seven-year low 5.3 per cent.
Paul Wiseman, The Associated Press