US consumer credit for November 24.532B vs. 18.35B est
Highest reading since August 2016
The US consumer credit increase b 24.532 billion in November. That was higher than the 18.35B estimate and last month's 16.174B.
- Credit cards and oother revolving debt rose by 11 billion
- Non-revolving borrowing rose by 13.5 billion
The increase in revolving credit climbed by the most since March 2016.
The rise in credit card debt may be attributed to increased confidence from steady job gains and rising wages. On Friday, the average hourly wages increased by 0.4%. The unemployment rate remained at a low 4.7% and the economy added 175K jobs (inclusive of revisions to prior months).
The non revolving credit (mainly car and educational loans) saw student loans increase by 5.9 Billion in November