Pumping Money Into the Economy: Consumer Credit Jumps 7%
U.S. consumer credit rose in November for the fourth straight month, beating expectations and giving a hopeful sign for the strength of the economy.
The Federal Reserve said on Tuesday consumer credit increased by $16.05 billion in November after rising by an slightly revised $14.08 billion in October.
Economists polled by Reuters had forecast consumer credit rising $12.75 billion after advancing by a previously reported $14.2 billion in October.
Nearly all of November's increase was in non-revolving credit, which includes auto loans as well as student loans made by the government. Non-revolving credit increased $15.23 billion during the month.
Revolving credit, which includes credit cards, climbed by a modest $817 million.
US consumer credit rose four a fourth straight month, amid a jump in nonrevolving credit such as auto and student loans, offering a hopeful sign for the economy.
