US Consumers Slowed Borrowing and Spending in October

The Federal Reserve released its Consumer Credit report for October on Wednesday; the report showed an increase of $16 billion in total consumer credit; revolving credit increased by $2.3 billion and non-revolving credit increased by $13.7 billion; the increase resulted in a seasonally adjusted annual rate of growth of 5.2%; at 5.2% the rate is the slowest since June; consumer spending was also down in October with a 0.3% increase signaling caution from consumers in spending and borrowing.  Source

 

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