US consumer credit up 4.4% in November, best in 5 months

WASHINGTON (AP) — U.S. consumer borrowing rose 4.4% in November, its strongest showing in five months, led by strong gains in auto and student loans that offset a drop in credit card borrowing.

The Federal Reserve said Friday that the rise represented an increase of $15.3 billion, the best showing since June.

Borrowing for autos and student loans increased by $16.1 billion, while borrowing in the category that includes credit cards fell by $786.7 million after a larger $5.5 billion drop in October.

The drop in credit card use was an indication consumers remain cautious about spending amid a spike in coronavirus cases in recent weeks.