US consumer credit up in October

December 8th, 2011 - 1:15 pm ICT by IANS  

Washington, Dec 8 (IANS) US consumer credit increased at an annual rate of 3.7 percent in October, a positive sign for a still fragile economic recovery, the Federal Reserve has reported.

The US central bank Wednesday said total borrowing in October rose to $2,457.5 billion from the revised figure of $2449.8 billion in September, reported Xinhua.

The Fed said that demand for revolving credit, the category that includes credit cards, edged up 0.6 percent in October.

In October, the borrowing in the non-revolving category that includes auto loans rose at an annual rate of 5.3 percent.

Consumer spending, which accounts for about 70 percent of the overall economic activity, remains the major driver of the US economy.

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