Consumer borrowing increased at a solid pace in August, helped by the biggest jump in auto and student loans in three years, the Associated Press reported. Total credit rose $17.9 billion after a $23 billion increase in July, the Federal Reserve reported Monday. The August strength came from a $19.8 billion increase in the category that covers auto and student loans. It was the biggest monthly advance since August 2016. The consumer borrowing report showed that the $1.9 billion drop in credit card use in August was that category's weakest performance since a $2.8 billion decline in March. The August changes left total U.S. consumer borrowing at a new high of $4.14 trillion. The Fed's monthly credit report does not cover home mortgages or other loans secured by real estate, such as home equity loans.
