Last Update: 08-Jan-19 15:25 ET
- Total outstanding consumer credit increased by $22.2 billion in November after increasing a downwardly revised $24.9 billion (from $25.4 billion) in October.
- Nonrevolving credit increased by $17.3 billion to $2937.0 billion.
- Revolving credit increased by $4.8 billion to $1042.2 billion.
- Consumer credit increased at a seasonally adjusted annual rate of 6.75% in November, with revolving credit increasing at an annual rate of 5.5% and nonrevolving credit increasing at an annual rate of 7.00%.
- The key takeaway from the report is that the healthy expansion in consumer credit is a good portent for consumer spending activity when matched with good feelings about job security and income growth.