Consumer credit grows more than expected in October

WASHINGTON Fri Dec 6, 2013 3:02pm EST

Black Friday customers make purchases at a Disney store at the Glendale Galleria in Glendale, California November 29, 2013. REUTERS/Jonathan Alcorn

Black Friday customers make purchases at a Disney store at the Glendale Galleria in Glendale, California November 29, 2013.

Credit: Reuters/Jonathan Alcorn

WASHINGTON (Reuters) - U.S. consumer credit rose in October at its fastest pace in five months, a positive sign for consumer spending in the fourth quarter.

Total consumer credit increased by $18.2 billion to $3.08 trillion, the Federal Reserve said on Friday.

Economists polled by Reuters had expected consumer credit to rise $14.5 billion in October. The Fed revised upward its estimate for credit growth in the prior month.

Revolving credit, which mostly measures credit-card use, climbed $4.3 billion. The central bank also said the decline in revolving credit registered in September was not nearly as sharp as previously estimated.

Nonrevolving credit, which includes auto loans as well as student loans made by the government, increased $13.9 billion in October, the Fed data showed.

(Reporting by Jason Lange; Editing by Krista Hughes)

Recommended Newsletters

Reuters U.S. Top News
A quick-fix on the day's news published with Reuters videos and award-winning news photography and delivered at your choice of one of four times during the day.
Reuters Deals Today
The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.
Reuters Technology Report
Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents.