With non-revolving credit showing another notable increase, the Federal Reserve released a report on Friday showing that U.S. consumer credit increased roughly in line with economist estimates in the month of September.
The Federal Reserve said consumer credit climbed by $15.9 billion in September following a revised $14.0 billion increase in August.
Economists had expected consumer credit to rise by about $16.0 billion compared to the $13.5 billion increase originally reported for the previous month.
Non-revolving credit such as student loans and car loans rose by $14.5 billion in September after climbing by $14.2 billion in August.
Meanwhile, revolving credit, which largely reflects credit card debt, increased by a more modest $1.5 billion following a $0.2 billion drop in the previous month.
The Fed also said consumer credit increased by an annual rate of 5.9 percent in September, as non-revolving credit climbed by 7.3 percent and revolving credit rose by 2.0 percent.
The material has been provided by InstaForex Company – www.instaforex.com