WASHINGTON (AP) — American consumers borrowed more heavily in July, increasing their debt primarily in a category that includes auto and student loans.
The Federal Reserve says that overall consumer credit rose $18.5 billion in July, up from the $11.9 billion increase in June.
Economists and financial markets watch the credit report closely for clues about the direction of consumer spending, which accounts for about 70 percent of economic activity.
Non-revolving credit, which includes auto and student loans, increased $15.8 billion.
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