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06 Jul, Wednesday
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Bull Trader USA

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.

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