Consumer credit rises more than expected in September

[Woman shopping online with laptop and credit card on hand.]
Guido Mieth

U.S. consumer borrowing rose by $13.09B in September, against the $10.50B increase expected and $3.13B growth in August (revised from $0.36B), according to [https://www.federalreserve.gov/releases/g19/current/default.htm] data released by the Federal Reserve on Friday.

Consumer credit rose at a seasonally adjusted annual rate of 3.1%, with revolving credit increasing at a 1.5% rate and nonrevolving credit at a 3.7% rate.

Total outstanding credit was $5,076.6B, up slightly from $5,063.5B (revised from $5,061.2B) in August.

Revolving credit, which includes credit card debt, was up to $1,306.9B in September from $1,305.3B (revised from $1,305.5B) in the earlier month.

Nonrevolving credit, which consists of auto and student debt, was $3,769.7B vs. $3,758.3B (revised from $3,755.6B) in August, the Fed said.

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