WASHINGTON (AP) -- The Federal Reserve says consumers boosted their borrowing in September, defying expectations for a cutback.
The Federal Reserve's report, released Friday, says consumer credit increased at a 3.2 percent annual pace in September.
That was up from a 2.9 percent rate of decline in August and marked the biggest increase since July.
Economists expected consumers trimmed their borrowing at a 0.5 percent pace in September.
The Fed's measure of consumer borrowing does not include any debt secured by real estate, such as mortgage or home equity loans.
5727 Tokay Blvd., Madison, WI 53719
News Tips: 608-273-2727 or email@example.com