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US Consumer Credit Jumps USD20.5 Billion In October, More Than Expected

Thu, 7th Dec 2017 20:19

WASHINGTON (Alliance News) - Consumer credit in the US 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 USD20.5 billion in October after surging up by a downwardly revised USD19.2 billion in September.

Economists had expected consumer credit to climb by USD17.5 billion compared to the USD20.8 billion jump originally reported for the previous month.

The report said non-revolving credit such as student loans and car loans increased by USD12.2 billion in October after climbing by USD13.2 billion in September.

Revolving credit, which largely reflects credit card debt, also rose by USD8.3 billion in October following a USD6 billion increase in the previous month.

Consumer credit climbed by an annual rate of 6.5% in October, as revolving credit jumped by 9.9% and non-revolving credit surged up by 5.3%.

Copyright RTT News/dpa-AFX

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