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

(RTTNews) - Consumer credit in the U.S. increased by a little more than expected in the month of September, according to a report released by the Federal Reserve on Monday.

The Fed said consumer credit climbed by $19.3 billion in September after jumping by an upwardly revised $26.8 billion in August.

Economists had expected credit to rise by $18.7 billion compared to the $25.9 billion increase that had been reported for the previous month.

The Fed said non-revolving credit such as student loans and car loans increased by $15.1 billion in September after surging up by $21.2 billion in August.

Revolving credit, which largely reflects credit card debt, rose by $4.2 billion in September after climbing by $5.6 billion in the previous month.

Additionally, the Fed said consumer credit increased by an annual rate of 6.3 percent in September, as non-revolving credit surged up by 6.7 percent and revolving credit rose by 5.2 percent.