U.S. Consumer Credit Increased $2.1 Billion In September

Posted By on November 5, 2010

Interestingly…..Credit-card debt declined for the 25th straight month, while non-revolving loans rose by the most since August 2007.

Consumer borrowing in the U.S. unexpectedly increased in September by the most in two years, and saw a surge in non-revolving credit such as college loans and auto financing.

Credit rose $2.1 billion and was more then estimated after a revised $4.9 billion drop in August.  Economists had projected a $3 billion decrease, according to the median estimate in a Bloomberg News survey. Credit-card debt declined for the 25th straight month, while non-revolving loans rose by the most since August 2007.

Earlier today, the Labor Department said the economy added 151,000 jobs in October and the unemployment rate held at 9.6 percent.

About the author

Comments

Comments are closed.

Copyright © 2024 The Stated Truth