U.S. Consumer Credit Growth Exceeds Forecast on Autos, Loans
(Bloomberg) -- U.S. consumer debt rose in November at a faster-than-estimated pace as Americans continued to borrow to finance purchases.
Total credit rose $22.1 billion from the prior month, exceeding the median estimate of economists, following a downwardly revised $25 billion gain in October, Federal Reserve figures showed Tuesday. Non-revolving debt rose the most in a year.
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- Lending by the federal government, which is mainly for student loans, increased by $4.6 billion before seasonal adjustment
- Credit expanded at a seasonally adjusted annual rate of 6.7 percent, after 7.6 percent in the prior month
- The central bank’s consumer credit report doesn’t track debt secured by real estate, such as home equity lines of credit and home mortgages.
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