U.S. Consumer Credit Increased by $13.91 Billion in January
By Sarah Chaney and Sharon Nunn
WASHINGTON--U.S. consumer borrowing rose at a slower pace in January, according to new data from the Federal Reserve.
Outstanding consumer credit, a measure of non-real estate debt, rose by $13.91 billion in January from the prior month, climbing at a 4.34% seasonally adjusted annual rate, the Fed said Wednesday. Total outstanding credit had increased a revised $19.21 billion in December, growing at a 6.03% annual rate.
Economists surveyed by The Wall Street Journal expected a $16.0 billion increase in January.
Revolving credit outstanding, mostly credit cards, increased at a 0.8% annual pace in January. Nonrevolving credit outstanding, mainly student and auto loans, rose at a 5.6% annual pace.
Household debt rose by $193 billion to $13.15 trillion in the final three months of 2017, completing the fifth consecutive year overall balances increased, according to a Federal Reserve Bank of New York report that employed a different methodology than Wednesday's report.
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
March 07, 2018 15:15 ET (20:15 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.