Consumer debt up less than forecast
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U.S. consumer borrowing in September rose the least in five months as Americans purchased fewer cars, boats, computers and other big-ticket items using nonrevolving credit.
Consumer credit increased a less-than-forecast $3.7 billion for the month to $2.48 trillion, the Federal Reserve said. In August, credit rose $15.4 billion, 26% more than previously estimated. The report doesn’t cover borrowing secured by real estate, such as home equity loans.
The report reflects the aftermath of the August turmoil in credit markets that caused banks to tighten lending standards.
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