US Consumer Credit Jumps USD20.5 Billion In October, More Than Expected

Consumer Credit Growth Surges in October

Economists surveyed by The Wall Street Journal expected a $17.2 billion increase in October.

The Fed said consumer credit spiked by USD20.5 billion in October after surging up by a downwardly revised USD19.2 billion in September.

What happened: Credit-card borrowing powered the increase. Non-revolving credit rose at a 5.3% annual rate, or $12.2 billion, compared to September's rate of $13.2 billion. 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.

Household debt totaled $12.955 trillion in the third quarter, up 0.9% from the spring, the Federal Reserve Bank of NY said last month.

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Non-revolving credit has been decelerating, in part because the low unemployment rate is attracting younger people into the labor market and reducing the demand for student loans, Shepherdson said.

The solid gains were good signs for strength in consumer spending heading into the holiday shopping season.

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

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