US consumer borrowing rises in August

(AP) – American consumers stepped up their borrowing in August, taking on more the debt in a possible sign of optimism amid stable job growth.

The Federal Reserve says that total consumer borrowing rose $25.9 billion in August to nearly $3.7 trillion outstanding. Consumer debt is rising at an annual pace of 8.5 percent, the strongest clip since September of last year.
 
Revolving credit, which covers credit cards, increased $5.6 billion, an annual gain of 7 percent. The category that includes auto and student loans jumped $20.2 billion, an increase of more than 9 percent from a year ago.
 
Consumers account for about 70 percent of U.S. economic activity. Their spending is among the few strengths in the broader economy, which expanded at just 1.1 percent in the first half of 2016.