Consumer Credit Growth Rebounds In October
December 06 2019 - 3:30PM
Dow Jones News
By Kate Davidson
WASHINGTON--Americans ramped up their pace of borrowing in
October after a sharp slowdown the previous month, the Federal
Reserve said Friday, a sign that households are continuing to spend
amid robust job growth.
Here are some key details from the report:
--Outstanding consumer credit, a measure of debt excluding loans
secured by real estate, rose at a 5.47% seasonally adjusted annual
rate. It was the fastest pace of growth since July.
--The total amount rose $18.91 billion in October from the
previous month. Economists surveyed by The Wall Street Journal had
expected a $13.5 billion increase.
--Consumer credit rose a revised $9.58 billion in September from
August, up slightly from the initial reading, the Fed said.
--Revolving credit outstanding, which is made up mostly of
credit card debt, climbed at an 8.78% seasonally adjusted annual
rate in October, after edging up 0.21% in September and falling in
August.
--Nonrevolving credit outstanding, made up mostly of auto and
student loans, increased at a 4.31% annual rate.
Write to Kate Davidson at kate.davidson@wsj.com.
(END) Dow Jones Newswires
December 06, 2019 15:15 ET (20:15 GMT)
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