News Column

US Consumer Credit Up 5 percent in September

Nov. 8, 2012
Consumer Credit

U.S. consumer credit increased at an annual rate of 5 percent in September, following a revised growth of 8.2 percent in August, the U.S. Federal Reserve announced Wednesday.

Total consumer borrowing rose from a revised $2.7258 trillion in August to $2.7372 trillion in September, the central bank said in a report.

Revolving debt, the type which includes credit cards, dropped to $852 billion in September, down 4.1 percent at an annual rate from the revised $854.9 billion in August.

In September, the borrowing in the non-revolving category that includes auto and student loans, rose at an annual rate of 9.2 percent to $1.8852 trillion.

Consumer spending, which accounts for about 70 percent of the overall U.S. economic activity, was the major engine of U.S. economic growth.

Source: Copyright Xinhua News Agency - CEIS 2012

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