US sees slower-than-expected growth in consumer credit
Markets had expected a stronger rise of about $11.8 billion.
Total outstanding consumer credit reached roughly $5.08 trillion during the month. Revolving credit—primarily credit card balances—saw a monthly gain of $5.4 billion, while non-revolving categories such as auto, student, and home-related loans grew by $3.7 billion.
On an annual basis, overall consumer credit advanced 2.2% in October. Revolving balances were up 4.9% from a year earlier, compared to a more modest 1.2% increase in non-revolving credit.
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