Consumer Credit Rises Higher Than Expected

Consumer credit rose a higher-than-expected $25.4 billion in October with September revised slightly higher to $11.6 billion. The burst in October is due to revolving credit which rose an outsized $9.2 billion for the largest monthly increase since November last year and following a $0.3 billion decline in September. Nonrevolving credit rose $16.2 billion vs September's $11.9 billion. The consumer is spending and borrowing which, against the backdrop of healthy credit standards, is a plus for the economy and the holiday outlook.