WASHINGTON—U.S. consumers took out more auto and student loans in October, but cut back on credit card borrowing, a sign that they remain cautious about spending amid a spike in virus cases.
The Federal Reserve said Monday that consumer borrowing rose 2.1 percent in October to $4.16 trillion, pushed higher by a 4.8 percent jump in a category mostly made up of student and auto loans. Credit card borrowing fell 6.7 percent.
