U.S. Consumer Credit Posts Largest Gain in 16 Years

By Sarah Chaney and Sharon Nunn Features Dow Jones Newswires

Outstanding consumer credit rose by $27.95 billion in November from the prior month, the largest increase in 16 years, according to new data from the Federal Reserve.

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This measure of non-real estate debt climbed at a 8.83% seasonally adjusted annual rate, the fastest pace in more than two years, the Fed said Monday.

Total outstanding credit had increased a revised $20.53 billion in October.

Economists surveyed by The Wall Street Journal expected an $18 billion increase in November.

Revolving credit outstanding, mostly credit cards, increased at a 13.3% annual pace in November. Nonrevolving credit outstanding, mainly student and auto loans, rose at a 7.2% annual pace.

Household debt totaled $12.955 trillion in the third quarter, up 0.9% from the spring, the Federal Reserve Bank of New York said in November. That was the most on record, though the figure wasn't adjusted for inflation.

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The Federal Reserve's latest report on consumer credit can be accessed at: https://www.federalreserve.gov/releases/g19/current/

Write to Sarah Chaney at sarah.chaney@wsj.com and Sharon Nunn at sharon.nunn@wsj.com

(END) Dow Jones Newswires

January 08, 2018 15:15 ET (20:15 GMT)