Wednesday, 9 January 2013

Consumer credit rises for fourth straight month

WASHINGTON (Reuters) - Consumer credit rose in November for the fourth straight month, beating expectations and giving a hopeful sign for the strength of the economy.

The Federal Reserve said on Tuesday consumer credit increased by $16.05 billion in November after rising by an slightly revised $14.08 billion in October.

Economists polled by Reuters had forecast consumer credit rising $12.75 billion after advancing by a previously reported $14.2 billion in October.

Nearly all of November's increase was in non-revolving credit, which includes auto loans as well as student loans made by the government. Non-revolving credit increased $15.23 billion during the month.

Revolving credit, which includes credit cards, climbed by a modest $817 million.

(Reporting by Jason Lange; Editing by Neil Stempleman)

(c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp

Source: http://www.msnbc.msn.com/id/50400634/ns/business-stocks_and_economy/

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