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US Consumer Credit Growth Slows in October
(MENAFN) Consumer credit in the United States increased by a smaller-than-anticipated amount in October, rising $9.2 billion from the previous month, according to the Fed on Friday.
The total consumer credit reached $5.08 trillion in October, falling short of market predictions, which had expected a rise of $11.8 billion.
In the breakdown, revolving credit, which includes credit cards, expanded by $5.4 billion on a monthly basis.
Meanwhile, non-revolving credit, covering home, auto, and student loans, increased by $3.7 billion.
On an annual scale, consumer credit grew by 2.2% in October.
Revolving credit saw an annual rise of 4.9%, while non-revolving credit experienced a 1.2% increase.
The total consumer credit reached $5.08 trillion in October, falling short of market predictions, which had expected a rise of $11.8 billion.
In the breakdown, revolving credit, which includes credit cards, expanded by $5.4 billion on a monthly basis.
Meanwhile, non-revolving credit, covering home, auto, and student loans, increased by $3.7 billion.
On an annual scale, consumer credit grew by 2.2% in October.
Revolving credit saw an annual rise of 4.9%, while non-revolving credit experienced a 1.2% increase.
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