January’s increase in consumer borrowing could signal rising confidence in the economy.
In news that could signify a whole gamut of different economic conditions, the Federal Reserve has announced that Americans’ consumer borrowing rose unexpectedly in January, the first gain in a year. —JCL
Borrowing by US consumers rose for the first time in a year in January, according to the Federal Reserve.
The central bank said consumer credit rose 2.4% or $5bn (£3.3bn) from December 2009 to a total of $2.45 trillion in the first month of 2010.
It was the first gain after a record 11 straight declines and it was the largest increase since July 2008.
Analysts were expecting a $4.5bn decrease in January following a $4.6bn fall in December.