Consumers unexpectedly borrowed more in September - WKOW 27: Madison, WI Breaking News, Weather and Sports

Consumers unexpectedly borrowed more in September


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.

Powered by Frankly