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Illustration: Sarah Grillo/Axios

Total consumer borrowing rose in July, as Americans increased purchases of new vehicles and borrowed for college tuition for the second month in a row, the Fed's latest credit report shows.

By the numbers: Outstanding consumer credit increased by $12.3 billion in July from the month before, a 3.6% increase. Credit rose at a revised 3.3% annual rate in June.

  • The use of credit has risen for the past two months after declining from March through May, and sinking by 6.6% in the second quarter, including a 30.8% fall in revolving credit, which follows credit cards and similar consumer credit lines.

Yes, but: Revolving credit continued to fall, down 0.4% in July after a 2.2% decline in June and a 27.9% decline in May, as consumers continued to hold back on credit spending.

Go deeper

Felix Salmon, author of Capital
Nov 21, 2020 - Economy & Business

The surprisingly strong U.S. consumer

Illustration: Aïda Amer/Axios

Most Americans are doing surprisingly well, financially, in the face of a major pandemic raging across the country.

Why it matters: The health of the U.S. consumer is one of the main reasons why a second stimulus is perceived to be much less urgent than the first one was.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. (CIRA/RAMMB)

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest this weekend, forecasters warn.

Why it matters: The strong atmospheric river, packing large amounts of moisture, is causing Northern California to whiplash from drought to flood.

Mike Allen, author of AM
7 hours ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.