US Consumer Credit Rose To Its Highest Level In Two Years In October.

According to a report released by the Federal Reserve on Wednesday, October this year, the United States consumption Total borrowings climbed to the highest level in two years, mainly driven by the growth of non revolving credit, such as car loans and student loans. Data show that total credit in October increased by US $7 billion 650 million to US $2 trillion and 460 billion, the highest level since October 2009. The market economists surveyed by Bloomberg news had expected an average increase of US $7 billion in US consumer credit in October.

The data imply that income growth can not keep pace with inflation rates and housing prices. Fall Speed, American consumers are more dependent on credit to maintain their spending. Meanwhile, the increase in employment has made American consumers more willing to take on more debt while entering the shopping holiday season. Credit Suisse Bank in New York Economics "It is hard to ascertain whether the increase in consumer credit expenditure is an optimistic sign or a pessimistic signal, but we believe that consumers' taking more debt is at least a momentary positive sign," said Dana Saporta.

The Fed's data also showed that US revolving credit, including credit card debt, climbed by US $366 million 200 thousand in October. Non revolving credit, including education loans and auto loans, increased by $7 billion 280 million.