U.S. consumers’ credit balances increased in September, led by the category that includes student and auto loans, according to a report yesterday from The Wall Street Journal. Outstanding consumer credit, a measure of nonmortgage debt, rose by a seasonally adjusted $19.29 billion in September from the prior month, the Federal Reserve said. Economists surveyed had expected an increase of $18.8 billion. September’s 6.28 percent seasonally adjusted annual growth rate was a slowdown from August’s blistering 8.77 percent rate. August’s growth was revised up slightly from an earlier estimate of 8.48 percent. Household balance sheets have been steadily expanding since late 2010. While monthly figures can be volatile, over the third quarter, consumer credit expanded by 7 percent, its fastest rate in a year.
