A report released by the Federal Reserve on Friday showed a substantial increase in U.S. consumer credit in the month of October.
The report said consumer credit spiked by $25.4 billion in October after climbing by an upwardly revised $11.6 billion in September.
Economists had expected consumer credit to jump by $17.0 billion compared to the $10.9 billion increase originally reported for the previous month.
The Fed said non-revolving credit such as student loans and car loans surged up by $16.2 billion in October after advancing by $11.9 billion in September.
Revolving credit, which largely reflects credit card debt, also rose by $9.2 billion in October after edging down by $0.3 billion in September.
Compared to the same month a year ago, consumer credit in October was up by 7.7 percent, as revolving and non-revolving credit increased by 10.7 percent and 6.7 percent, respectively.
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