U.S. consumer revolving credit, mostly credit card debt, hit the brakes in October, growing at an annual rate of +2.9%, compared to a revised +5.0% annual rate in September and a revised +6.9% annual rate in August.
Overall consumer credit increased at a seasonally adjusted annual rate of +5.2% in October. Non-revolving credit increased at an annual rate of +6.0%.
Total revolving credit for October posted at $981.3 billion, compared to a revised $979.0 billion in Septmber, and a revised $974.9 billion in August, according to the Federal Reserve.
On a quarterly basis U.S. revolving consumer credit is growing by 5.3% year-on-year to $979.0 billion for 3Q/16, compared to $966.2 billion for 2Q/16, and $924.2 billion for 3Q/15.
Total consumer credit, at the end of August, stood at $3727.3 billion.
U.S. CONSUMER REVOLVING CREDIT
3Q/15: $924.2 billion
4Q/15: $937.9 billion
1Q/16: $949.1 billion
2Q/16: $966.2 billion
3Q/16: $974.6 billion
Source: Federal Reserve; CardData
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