Thursday, Aug. 7, 2008

Consumers jack up borrowing in June

By JEANNINE AVERSA AP Economics Writer

WASHINGTON (AP) - The Federal Reserve says consumers boosted their borrowing in June at the fastest pace in seven months.

The Fed's report, released Thursday, shows consumer credit increased at a brisk annual rate of 6.7 percent in June. That's up from a 3.8 percent growth rate in May. It marks the biggest increase since November when borrowing grew at a 8.2 percent pace.

The Fed says debt rung up by consumers rose by $14 billion in June from the previous month to $2.59 trillion. That's more than the $6.4 billion over-the-month increase economists were forecasting.

2008-08-07     19:01:47 GMT

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