US Consumer Credit Increased by $20.52 Billion in October

Lloyd Doyle
December 8, 2017

Consumer credit increased at a seasonally adjusted annual rate of 6.5% in October, up from a 6.1% rate 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.

This is the second straight strong monthly gain in consumer borrowing. Credit rose a revised $19.2 billion in September, down only slightly from the prior estimate of a $20.8 billion.

Revolving credit, which largely reflects credit card debt, also rose by $8.3 billion in October following a $6 billion increase in the previous month.

The category that covers auto loans and student loans was up $12.2 billion, slightly slower than the $13.2 billion rise in September but still a solid performance.

Household debt totaled $12.955 trillion in the third quarter, up 0.9% from the spring, the Federal Reserve Bank of NY said last month.

Market reaction: Investors don't typically react to consumer credit data from two months ago.

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