Car and home loans fueling U.S. economic growth
U.S. banks reported more loans for autos and homes in the third-quarter of this year, according to a Federal Reserve study reported by Bloomberg.
The report bolsters other evidence that car and home sales, fueled by low interest rates, are boosting the U.W. economy at a time when exports and business investment are down.
Cars and light trucks sold at a 14.9 million annual pace in September, the most since March 2008, according to Ward’s Automotive Group. New homes sold at a 389,000 annual pace in September, the most in more than two years, according to a Commerce Department report last week.
The monthly jobs report comes out on Friday and will shed more light on the state of the economy.
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