Consumer borrowing growth up $22.1 billion
WASHINGTON – Americans slowed their pace of borrowing slightly in November, but it still grew by a robust $22.1 billion. Solid auto and student loans offset some of the decline in the category that covers credit cards.
The Federal Reserve says that November’s figure follows a $25 billion gain in October, which had been the biggest increase in 11 months. Economists had been forecasting more of a slowdown.
Borrowing for auto and student loans rose $17.4 billion in November, up from a gain of $15.6 billion in October.
Borrowing in the category that covers credit cards slowed to a $4.8 billion increase, down from the $9.3 billion advance seen in October. The November credit card gain was the smallest since borrowing in this category had actually fallen slightly in September.