By continuing to use this site you consent to the use of cookies on your device. Find out more about our cookie policy and the types of cookies we use by clicking here

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

WASHINGTON (Alliance News) - Consumer credit in the US increased by more than anticipated in ...

Alliance News 7 December, 2017 | 8:19PM
Email Form

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

Email Form
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.