US consumer credit rose by $27.8 billion in September to $5.22 trillion, the Federal Reserve reported, far outpacing market expectations of a $13.4 billion increase.
Breakdown of the gain
Revolving credit, which covers credit cards and similar borrowing, climbed by $16.3 billion in September. Non-revolving credit, which includes auto and student loans, rose by $11.6 billion over the same month.
That pace outstripped the quarterly figure.
Quarterly comparison
For the third quarter as a whole, consumer credit expanded at a seasonally adjusted annualized rate of 4.2 percent. Within that total, revolving credit grew at an annualized 4.1 percent, while non-revolving credit grew at 4.2 percent.
September’s single-month pace of 6.4 percent therefore ran ahead of the broader third-quarter trend, even as the dollar increase itself beat forecasts by a wide margin.
Source: Federal Reserve
