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.
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(END) Dow Jones Newswires
December 06, 2019 15:15 ET (20:15 GMT)
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