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News Summary: US consumer credit jumps $18.1B

The Associated Press
Friday, 5 Oct 2012 | 3:58 PM ET

CHARGING AHEAD: Americans boosted their borrowing in August by the largest amount in three months with strong gains in the category that covers auto and student loans and in credit card debt.

THE DETAILS: Total consumer borrowing increased $18.1 billion in August compared to July, the Federal Reserve reported Friday. That included a $4.2 billion increase in borrowing on credit cards and a $13.9 billion increase in auto and student loans. In July, consumer borrowing had fallen for the first time in nearly a year.

THE OUTLOOK: The rebound in August along with a separate report that showed the nation's unemployment rate dropped to 7.8 percent in September were viewed as encouraging signs for an economy that has been struggling in recent months.