Investments

Consumer credit hits $3.08 trillion

Grows at fastest pace in five months

According to Reuters, U.S. consumer credit rose in October at the fastest pace in five months, a positive sign for overall fourth-quarter consumer spending.

Total consumer credit increased by $18.2 billion to $3.08 trillion, the Federal Reserve said on Friday.

Revolving credit, which mostly measures credit-card use, climbed $4.3 billion. The central bank also said the decline in revolving credit registered in September was not nearly as sharp as previously estimated.

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