U.S. Consumer Credit Jumps $20.5 Billion In October, More Than Expected
(RTTNews) - Consumer credit in the U.S. increased by more than anticipated in the month of October, according to a report released by the Federal Reserve on Thursday.
The Fed said consumer credit spiked by $20.5 billion in October after surging up by a downwardly revised $19.2 billion in September.
Economists had expected consumer credit to climb by $17.5 billion compared to the $20.8 billion jump originally reported for the previous month.
The report said non-revolving credit such as student loans and car loans increased by $12.2 billion in October after climbing by $13.2 billion in September.
Revolving credit, which largely reflects credit card debt, also rose by $8.3 billion in October following a $6 billion increase in the previous month.
Consumer credit climbed by an annual rate of 6.5 percent in October, as revolving credit jumped by 9.9 percent and non-revolving credit surged up by 5.3 percent.