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US consumer borrowing posts biggest monthly increase in nearly a year

Consumer borrowing in the U.S. rose at a seasonally adjusted annual rate of 6.5% in October, up from the revised pace of 6.1% in September, according to Federal Reserve data.

Total outstanding consumer credit grew by $20.52 billion in October following a revised $19.21 billion increase in the previous month. It was the biggest monthly increase since November 2016, when consumer credit grew by $24.52 billion.

Revolving credit posted a monthly gain of $8.3 billion, and nonrevolving credit climbed by $12.22 billion.

Revolving credit increased at an annual rate of 9.9%, while nonrevolving credit rose at an annual rate of 5.3%.