U.S. Consumer Borrowing Rose in November by Most in Five Months
(Bloomberg) -- U.S. consumer borrowing increased in November by the most in five months on a jump in non-revolving credit such as loans for motor vehicle purchases.
Total credit climbed $15.3 billion from the prior month after a downwardly revised $4.5 billion October gain, Federal Reserve figures showed Friday. The November figure topped all economists’ estimates in a Bloomberg survey whose median projection was for a $9 billion increase.
Non-revolving debt, which includes auto and school loans, rose $16.1 billion, also the most since June. Lending by the federal government, which is mainly for student loans, increased about $600 million before seasonal adjustment.
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