| Consumer borrowing rose in November by the largest monthly amount in 16 years, according to the Federal Reserve. Total consumer credit increased by $28 billion to a record seasonally adjusted $3.83 trillion, at an annual growth rate of 8.8%. Economists expected only an increase of $18 billion. Revolving credit, mostly made up of credit-card balances, increased tp 13.3% annually in November, the fastest pace since December 2016. Nonrevolving credit, including loans for education and cars, rose 7.2% annually, the fastest pace since October 2016 and above October’s 5.3% rate. The data does not include mortgage debt. |
