Consumer Credit Rises in October
U.S. consumer credit rose more than expected in October, increasing for a third month in a hopeful sign for consumer spending.
The Federal Reserve said on Friday consumer credit increased $14.2 billion in October after rising by an upwardly revised $12.2 billion in September.
Economists polled by Reuters had forecast consumer credit rising $10 billion after advancing by a previously reported $11.4 billion in September.
Revolving credit, which includes credit cards, rebounded to an increase of $3.38 billion after falling $2.19 billion the prior month. Non-revolving credit, which includes auto loans as well as student loans made by the government, rose $10.78 billion.