U.S. Consumer Credit Climbs Less Than Expected In October

(RTTNews) - Consumer credit in the U.S. rose by less than expected in the month of October, according to a report released by the Federal Reserve on Friday.

The Fed said consumer credit increased by $13.2 billion in October after climbing by a revised $15.4 billion in September.

Economists had expected consumer credit to jump by $16.8 billion compared to the $15.9 billion increase originally reported for the previous month.

Non-revolving credit such as student loans and car loans increased by $12.3 billion in October after climbing by $14 billion in September.

Meanwhile, revolving credit, which largely reflects credit card debt, inched up by $1 billion after edging up by $1.4 billion in the previous month.

The Fed also said consumer credit increased by an annual rate of 4.9 percent in October, as non-revolving credit jumped by 6.2 percent and revolving credit rose by 1.3 percent.