Consumer borrowing in the United States increased by $25.8 billion in March, a sign that Americans are confident that the economy will soon return to pre-pandemic normalcy and incomes will rebound, the Associated Press reports.
While the US produced a less than stellar jobs report for April, other indicators are pointing to increased faith in an economic rebound, including the borrowing report, stocks hitting all-time highs, and increased consumer imports.
The March increase follows a similar increase in February, when consumer borrowing increased by $26.1 billion. They were the highest monthly increases since December 2019, prior to the pandemic, and they correspond with a 21.1% increase in household income in March.