U.S. consumers increased their borrowing in September, helped by the first gain in the category that covers credit cards in seven months. U.S. consumers increased their borrowing in September, helped by the first gain in the category that covers credit cards in seven months. The Federal Reserve reported that total borrowing grew by US$16.2 billion in September, rebounding after a drop of US$6.9 billion in August. The increase included a US$3.98 billion increase in credit card borrowing, the first rise since February. The US$16.2 billion rise in borrowing in September was about double what economists had been forecasting, an encouraging sign as worries mount that consumers may begin to cut back as coronavirus cases surge again.-AP

Source: The Standard November 06, 2020 20:15 UTC