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Consumer credit grows more than expected in October [December 07, 2013] WASHINGTON (Reuters) — U.S. consumer credit rose in October at its fastest pace in five months, a positive sign for consumer spending in the fourth quarter. |
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Total consumer credit increased by $18.2 billion
to $3.08 trillion, the Federal Reserve said on Friday. Economists polled by Reuters had expected consumer credit to
rise $14.5 billion in October. The Fed revised upward its
estimate for credit growth in the prior month. Revolving credit, which mostly measures credit-card use, climbed
$4.3 billion. The central bank also said the decline in
revolving credit registered in September was not nearly as sharp
as previously estimated. Nonrevolving credit, which includes auto loans as well as student loans made by the government, increased $13.9 billion in October, the Fed data showed. (Reporting by Jason Lange; editing by Krista Hughes) [© 2013 Thomson Reuters. All rights reserved.] Copyright 2013 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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