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U.S. consumer credit rose $15.45 bln in November

Tue Jan 8, 2008 3:00pm EST
 
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WASHINGTON, Jan 8 (Reuters) - U.S. consumer borrowing rose by a larger-than-expected $15.45 billion in November, the highest amount since August, a Federal Reserve report showed on Tuesday.

Overall November consumer credit rose at an annual rate of 7.45 percent to a total of $2.505 trillion.

The October increase was revised downward to $2.02 billion from an originally reported gain of $4.71 billion, while the September gain was revised upward to $5.31 billion.

Analysts polled by Reuters were expecting a $7.5 billion rise in consumer borrowing for November.

Non-revolving credit, which includes closed-end loans for big-ticket items like cars, boats, college educations and holidays, rose $6.70 billion, or by 5.15 percent, to $1.568 trillion.

Revolving credit, made up of credit and charge cards, rose $8.75 billion, or by 11.3 percent, to $937.46 billion in November. This compares to an upwardly revised October increase of $6.57 billion, originally reported as $6.34 billion. (Reporting by David Lawder, Editing by Chizu Nomiyama)

 

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