Consumer credit in US up less than expected in October

ISTANBUL

Consumer credit in the US rose less than expected in October, climbing $9.2 billion on a monthly basis, the Fed said on Friday.

Consumer credit reached a volume of $5.08 trillion in October, while market expectations for consumer credit were for an increase of $11.8 billion.

During this period, revolving credit, such as credit cards, rose by $5.4 billion on a monthly basis, while non-revolving credit, such as home, auto, and student loans, was up by $3.7 billion.

Consumer credit also climbed 2.2% on an annual basis in October.

Revolving credit rose 4.9% annually during the same period, while non-revolving credit was up 1.2%.