Consumer loans in the USA increased above expectations

Consumer loans in the USA increased by $27.8 billion to $5.22 trillion in September.

The US Federal Reserve (Fed) published consumer loan data for September.

Accordingly, consumer loans in the country increased by 27.8 billion dollars in September compared to the previous month, reaching 5.22 trillion dollars.

Market expectation was that consumer loans would increase by 13.4 billion dollars in the said period.

While credit card and similar revolving loans increased by 16.3 billion dollars in September, an increase of 11.6 billion dollars was recorded in non-revolving loans such as automobile and student loans.

The increase in consumer loans was 6.4 percent on an annualized basis in September.

Consumer loans increased by 4.2 percent in the third quarter

Consumer loans in the USA increased by 4.2 percent on an annualized basis, adjusted for seasonal effects, in the third quarter of the year.

During this period, credit card and similar revolving loans increased by 4.1 percent, while non-revolving loans, including automobile and student loans, increased by 4.2 percent.