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 Friday.
The Fed said consumer credit surged up by $18.9 billion in October after climbing by $9.6 billion in September. Economists had expected consumer credit to increase by $16.0 billion.
Revolving credit, which largely reflects credit card debt, rose by $7.9 billion in October after edging down by $0.2 billion in September.
The report said non-revolving credit, such as student loans and car loans, also jumped by $11.0 billion in October after increasing by $9.4 billion in the previous month.
Total consumer credit was up by 5.5 percent compared to the same month a year ago, as revolving credit spiked by 8.8 percent and non-revolving credit surged up by 4.3 percent.
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