ECONOMY

Consumer Debt Continues to Mount: Borrowing increased in July for the 16th straight month, advancing 7.9% at an annual rate, the Federal Reserve Board reported. The Fed said $5.6 billion worth of credit was added on top of an $11.2-billion jump in June, revised from an earlier estimate of $10.9 billion. Auto purchases and credit card use accounted for most of the July borrowing. The Fed noted that the increase would have been greater were it not for a decrease shown in some finance company loans because of a reclassification of the loans.