Consumer Credit Growth Rebounds In October

Date : 12/06/2019 @ 8:30PM
Source : Dow Jones News

Consumer Credit Growth Rebounds In October

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)

Copyright (c) 2019 Dow Jones & Company, Inc.


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