Consumer Credit Growth Surges in October

Consumer Credit Growth Surges in October

Outstanding consumer credit, a measure of non-real estate debt, rose by $20.52 billion in October from the prior month, climbing at a 6.51% seasonally adjusted annual rate, the Fed said Thursday. Total outstanding credit increased a revised $19.21 billion in September.

What happened: Credit-card borrowing powered the increase.

The report said non-revolving credit such as student loans and vehicle loans increased by USD12.2 billion in October after climbing by USD13.2 billion in September. Borrowing in the category that covers credit cards rose by $8.3 billion, up from a $6 billion increase in September and the strongest showing since November. Trend growth of consumer spending has been nearer to $12 billion, said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Total non-revolving credit is now $2.79 trillion.

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Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 40.7% of outstanding credit.

Market reaction: Investors don't typically react to consumer credit data from two months ago.


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