Economic Report: U.S. consumer borrowing soars in November
U.S. consumer credit soared by $40 billion in November, more than double expectations and compared with a $16 billion gain in October, according to Federal Reserve data released Friday.
Economists had been expecting a $20 billion gain, according to the Wall Street Journal forecast.
That’s an annual growth rate of 11% in November, up from a 4.4% gain in the prior month.
Revolving credit, such as credit cards, rose 23.4% after a 7.8% gain in October.
Nonrevolving credit, typically auto and student loans, rose 7.2% after a 3.4% growth rate in the prior month. This category of credit is much less volatile.
The data does not include mortgage loans, which is the largest category of household debt.