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.