Home Economy U.S. Consumer Credit Jumps More Than Expected In October

U.S. Consumer Credit Jumps More Than Expected In October

by RTTNews Staff Writer

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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