Consumer credit rises more than expected in September (DIA, SPX, SPY, QQQ, TLT, IWM)

The US consumer is rolling.Consumer credit balances rose by $28.91 billion in September, or 10% at an annualized rate, more than expected.Expectations werefor the report to show consumer credit expanded by $18 billion in September after a $16.1 billion increase in August.According to the Federal Reserve, consumer credit increased at a seasonally adjusted annual rate of 7.5%during the third quarter. Revolving credit increased at an annual rate of 6.5%, while nonrevolving credit increased at an annual rate of 8%. In September, consumer credit increased at an annual rate of 10%.Total consumer credit outstanding, both owned and securitized, was $3.5 trillion at the end of September.Revolving credit, which is seen as a proxy for credit card debt outstanding, totaled $925.2 billion of this at the end of September.Car loans, which are tabulated quarterly, totaled $1.03 trillion at the end of the thirdquarter, up from $998.1 billion at the end of Q2.Student loans outstanding totaled $1.303 trillion at the end of Q3, up from $1.273 trillion at the end of Q2.Over the last few years, consumer credit has been expanding about 6%-7% per month, indicating broad improvement in the consumer, the engine of the US economy.More to come ...SEE ALSO:Jobs report crushes expectationsJoin the conversation about this storyNOW WATCH: This is what will happen when the Fed raises rates
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