U.S. consumer credit increased at an annual rate of 7.1 percent in October, and the growth picked up pace from a revised 6.4 percent in September, the U.S. Federal Reserve said on Friday.
Total consumer borrowing rose from a revised 3.0578 trillion U. S. dollars in September to a seasonally adjusted 3.0759 trillion dollars in October, it said.
Revolving debt, which includes credit cards, edged up to 856.8 billion dollars in October, up 6.1 percent at an annual rate from the revised figure in September, it added.
The borrowing in the non-revolving category that includes auto and student loans rose at an annual rate of 7.5 percent to 2.2191 trillion dollars.
Consumer spending, which accounts for about 70 percent of the overall U.S. economic activity, is the major engine of U.S. economic growth. A rise in consumer credit indicates consumers boost their borrowing on spending.
