Consumer borrowing advances solid 3.6% in July, second gain

WASHINGTON (AP) — U.S. consumer borrowing rose by a solid 3.6% in July. It’s the second monthly gain after the coronavrius pandemic had sent consumer borrowing down sharply in the previous three months. The Federal Reserve reports that the July increase, which represented a $12.2 billion advance, followed a 3.3% rise in June and sharp declines in March, April and May. The strength in July came from a $12.5 billion rise in the category that includes auto loans and student loans. The c