October consumer credit data are out.
Total credit expanded by $18.186 billion in October to $3.08 trillion, up 7.1% from a year earlier and ahead of estimates for a $14.5 billion rise.
Revolving credit — credit cards and the like — rose $4.3 billion to $856.8 billion, up 6.1% from a year earlier.
Nonrevolving credit — auto loans, student loans, and the like — rose $13.9 billion to $2.22 trillion, up 7.5% from a year earlier.
September consumer credit growth was revised up to $16.293 billion from $13.737 billion.
While nonrevolving credit has grown at a rapid clip in recent months, revolving credit has lagged, averaging 0.4% year-over-year growth over the five months preceding October. The October year-over-year advance of 6.1% marks a significant acceleration in credit card borrowing.
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