Updated: 07-Dec-17 15:16 ET
|Updated: 07-Dec-17 15:16 ET
- Total outstanding consumer credit increased by $20.5 billion in October (Briefing.com consensus $17.0 billion) after increasing a downwardly revised $19.2 billion (from $20.8 billion) in September.
- The growth in October was driven by nonrevolving credit, which was up $12.2 billion from September to $2.791 trillion.
Revolving credit increased by $8.3 billion to $1.012 trillion.
- Consumer credit increased at a seasonally adjusted annual rate of 6.50% in October, with revolving credit increasing at an annual rate of 10% and nonrevolving credit increasing at an annual rate of 5.25%.
- October saw the largest increase in consumer credit since November 2016.