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Economic News in Review Greenville SC - Sept 15, 2015
Economic News in Review Greenville SC
Here is last week’s Economic News in Review Greenville SC.
 
Consumer borrowing beat expectations to hit a new record, while layoffs declined, and producer prices were flat.
 
Consumer Credit
 
Consumer credit growth outpaced expectations, with total outstanding consumer borrowing growing 6.7 percent in July to hit a record $3.45 trillion, the Federal Reserve reported last week. This $19.1 billion increase over June outpaced analysts’ expectations of an $18 billion gain.
Both types of credit, revolving and non-revolving debt, drove July’s better-than-expected gains. Revolving debt, such as credit cards increased by 5.7 percent to hit $914.6 billion. Non-revolving debt, such as student or car loans, grew by 7 percent to hit $2.53 trillion.
July’s balanced gains would appear to indicate that U.S. consumers were willing to borrow in order to make larger, more expensive purchases, as well as to spend more at the cash registers. Given that consumer spending drives 70 percent of the U.S. economy, many economists pointed to that as a welcome development.
 
Initial Jobless Claims
 
After reporting an increase in lay-offs in its previous release, the Employment and Training Administration reported last week that lay-offs had yo-yoed back down. First-time claims for unemployment benefits filed by the newly jobless during the week ... more

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