Consumer Credit Growth Cools
Growth in U.S. consumer credit cooled in September as households appeared to use their credit cards more sparingly, Federal Reserve data showed on Wednesday.
Consumer credit grew $11.36 billion in September, just above the median forecast in a Reuters poll of analysts. But the reading was lower than the $18.39 billion in credit growth registered the prior month, according to revised figures.
Revolving credit, which mostly measures credit-card use, dropped $2.90 billion in September. Nonrevolving credit, which includes student and auto loans, rose $14.27 billion.
Credit has been expanding almost continuously since mid-2010 as the country recovered from the 2007-09 recession. Overall consumer credit has expanded in eight of nine months this year.
Growth in revolving credit has been more choppy. The decline in September marked the third drop in four months. (Reporting by Jason Lange; Editing by Neil Stempleman)