The Fed reported a jump in consumer borrowing.

Americans, borrowing heavily to finance new-car purchases, took out $8.37 billion more in consumer debt than they paid off in September--the biggest advance in a year, the Federal Reserve reported. The Fed said the gain meant that consumer credit was growing at an annual rate of 17.4% in September following much smaller increases of $3.39 billion in August and $5.56 billion in July. Most of the strength came from a rise in auto loans as consumers borrowed heavily in response to attractive cut-rate financing deals offered by auto makers seeking to reduce high inventories.