/ Source: Reuters
U.S. consumer credit outstanding grew a larger-than-expected $7.7 billion in October in its 11th consecutive monthly increase, the Federal Reserve said in a report Tuesday.
The Fed said consumer credit outstanding swelled to a seasonally adjusted $2.093 trillion in October, surpassing Wall Street expectations of a $6.0 billion rise.
Non-revolving credit -- which includes closed-end loans for cars, tuition, boats, vacations and other items -- rose $6.5 billion in October, after a $2.5 billion rise in September.
Revolving credit, which includes credit and charge card activity, rose just $1.2 billion in October, slowing from its $11.1 billion surge the month before.
