U.S. consumers took on more debt in October, the Federal Reserve said Tuesday.
Consumer credit outstanding rose $7.7 billion in October to $2.093 trillion. That follows a revised $13.6 billion rise in September to $2.086 trillion, originally reported up $9.8 billion.
The October consumer credit rise was larger than Wall Street expected. Analysts had forecast consumer debt growth to rise by $6.2 billion in October.
Consumer credit figures tend to be highly volatile from month to month and are frequently revised.
The October consumer credit rise was led by nonrevolving credit, while revolving credit also rose.
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