08.01.202019:10:00UTC+00U.S. Consumer Credit Climbs Less Than Expected In November

With a drop in revolving credit partly offsetting an increase in non-revolving credit, the Federal Reserve released a report on Wednesday showing U.S. consumer credit rose by less than expected in the month of November.

The Fed said consumer credit climbed by $12.5 billion in November after jumping by $18.9 billion in October. Economists had expected consumer credit to increase by about $15.0 billion.

Non-revolving credit, such as student loans and car loans, surged up $14.9 billion in November following an $11.1 billion increase in October.

Meanwhile, the report said revolving credit, which largely reflects credit card debt, fell by $2.4 billion in November after climbing by $7.9 billion in the previous month.

Compared to the same month a year ago, total consumer credit in November was up by 3.6 percent, as non-revolving credit spiked by 5.8 percent but revolving credit slumped by 2.7 percent.