US consumer borrowing rose in September

WASHINGTON — American consumers boosted their borrowing in September, a potential sign that recent job growth and wage gains have left them slightly more comfortable with holding debt.

The Federal Reserve said Monday that total consumer borrowing rose $19.3 billion in September to $3.7 trillion outstanding. Consumer debt has climbed at an annual pace of 6.3 per cent, slightly below the growth rates seen in 2014 and 2015.

Revolving credit, which covers credit cards, posted an annual gain of 5.2 per cent to $978.8 billion. The non-revolving category, which includes auto and student loans and makes up the bulk of consumer debt, has risen 6.7 per cent over the past year to $2.7 trillion.

Roughly 70 per cent of U.S. economic activity comes from consumers, so the increase in borrowing suggests that spending will keep aiding growth.