U.S. Consumer Credit Increased by $20.52 Billion in October
By Sarah Chaney and Sharon Nunnn
WASHINGTON--U.S. consumer borrowing rose in October, according to new data from the Federal Reserve.
Outstanding consumer credit, a measure of non-real estate debt, rose by $20.52 billion in October from the prior month, climbing at a 6.51% seasonally adjusted annual rate, the Fed said Thursday. Total outstanding credit increased a revised $19.21 billion in September.
Economists surveyed by The Wall Street Journal expected a $17.2 billion increase in October.
Revolving credit outstanding, mostly credit cards, increased at a 9.9% annual pace in October. Nonrevolving credit outstanding, mainly student and auto loans, rose at a 5.3% annual pace.
Household debt totaled $12.955 trillion in the third quarter, up 0.9% from the spring, the Federal Reserve Bank of New York said last month. That was the most on record, though the figure wasn't adjusted for inflation.
The Federal Reserve's latest report on consumer credit can be accessed at: https://www.federalreserve.gov/releases/g19/current/
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(END) Dow Jones Newswires
December 07, 2017 15:15 ET (20:15 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.