) -- Consumer credit fell yet again in October, in the ninth straight month of decline for the measure.
The Federal Reserve announced on Monday that consumer credit fell by $3.51 billion, or an annual rate of 1.7%, during the month to $2.48 trillion. This was significantly less that the $9.3 billion decline economists expected.
Revolving credit, which mostly consists of credit cards, fell by $6.95 billion, or an annual rate of 9.3%, to $888.1 billion; while nonrevolving credit, such as auto loans or student loans, rose by $3.44 billion, or 2.6%, to $1.59 trillion.
-- Reported by Jeanine Poggi in New York.
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