By RTT News,
January 08, 2014, 03:17:00 PM EDT
(RTTNews.com) - Consumer credit in the U.S. increased by less than expected in the month of November, according to a report released by the Federal Reserve on Wednesday.
The report said consumer credit rose by $12.3 billion in November after jumping by $17.9 billion in October. Economists had expected credit to increase by about $14.2 billion.
Non-revolving credit such as student loans and car loans increased by $11.9 billion in November after climbing by $13.9 billion in October.
Meanwhile, revolving credit, which largely reflects credit card debt, edged up by $0.5 billion in November after rising by $4 billion in the previous month.
The Fed also said consumer credit rose by an annual rate of 4.8 percent in November, as non-revolving credit increased by 6.4 percent and revolving credit crept up by 0.6 percent.
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