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.
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