U.S. Consumer Credit Jumps More Than Expected In September

Partly reflecting a sharp jump in non-revolving credit, the Federal Reserve released a report on Friday showing that U.S. consumer credit increased by much more than expected in September.

The report said consumer credit surged up by $28.9 billion in September after climbing by $16.0 billion in August. Economists had expected credit to increase by about $18.0 billion.

The bigger than expected was partly due to the jump in non-revolving credit such as student loans and car loans, which soared by $22.2 billion in September after rising by $12.0 billion in August.

Revolving credit, which largely reflects credit card debt, also rose by $6.7 billion in September after edging up by $4.0 billion in the previous month.

The report also said consumer credit increased by an annual rate of 10.0 percent in September, as non-revolving and revolving credit jumped by 10.5 percent and 8.7 percent, respectively.

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