Consumer Debt Jumped 10.6% in January, U.S. Says
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Washington — Americans took out $5.42 billion more in installment debt than they paid off in January, the biggest monthly increase in four months and the second strong month in a row, the government said Monday.
The Federal Reserve said consumer credit grew at a seasonally adjusted rate of 10.6% in January, following an increase of $3.98 billion in December, which translated to an annual rate of 7.9%.
The relatively strong January report is both a reflection of job growth--unemployment hit a nine--year low of 5.7% in February--and a sign that the rebound in consumer confidence after the October stock market crash is continuing.
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