WASHINGTON – Consumer credit increased in October by $3.3 billion, or 1.7%, the largest increase in more than two years, the Federal Reserve reported today.
The September consumer credit gain was revised lower to a $1.3 billion, or 0.6% rise, from the $2.1 billion, or 1.1% jump reported last month. It was the first back-to-back consumer credit increase since June and July of 2008.
Economists expected consumer credit to be flat for the month, according to the median estimate from Thomson Reuters.
Revolving credit, which includes credit card loans, fell by $5.6 billion in October.
Non-revolving credit, which includes loans for cars and education, increased by $9 billion. Non-revolving credit has increased for three straight months, the longest stretch of increases since February through April of 2008.
