U.S. Consumer Credit Spikes More Than Expected In October

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(RTTNews.com) - A report released by the Federal Reserve on Friday showed a substantial increase in U.S. consumer credit in the month of October.

The report said consumer credit spiked by $25.4 billion in October after climbing by an upwardly revised $11.6 billion in September.

Economists had expected consumer credit to jump by $17.0 billion compared to the $10.9 billion increase originally reported for the previous month.

The Fed said non-revolving credit such as student loans and car loans surged up by $16.2 billion in October after advancing by $11.9 billion in September.

Revolving credit, which largely reflects credit card debt, also rose by $9.2 billion in October after edging down by $0.3 billion in September.

Compared to the same month a year ago, consumer credit in October was up by 7.7 percent, as revolving and non-revolving credit increased by 10.7 percent and 6.7 percent, respectively.

Read the original article on RTTNews (http://www.rttnews.com/2961218/u-s-consumer-credit-spikes-more-than-expected-in-october.aspx)

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This article appears in: World Markets , Economy , 401k , Real Estate , Banking and Loans , Retirement
Referenced Symbols: USD

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