U.S. Consumer Credit Climbs Less Than Expected In November

(RTTNews) - Consumer credit in the U.S. increased by less than expected in the month of November, the Federal Reserve revealed in a report on Friday.

The report said consumer credit climbed by $14.0 billion in November after rising by a downwardly revised $15.6 billion in October.

Economists had expected credit to jump by $18.8 billion compared to the $16.0 billion increase originally reported for the previous month.

Non-revolving credit such as student loans and car loans increased by $8.3 billion in November after surging up by $15.6 billion in October.

The Fed said revolving credit, which largely reflects credit card debt, also rose by $5.6 billion in November after inching up by $0.1 billion in the previous month.

The report also said consumer credit increased by an annual rate of 4.8 percent in November, as non-revolving and revolving credit increased by 3.8 percent and 7.4 percent, respectively.