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