U.S. Consumer Credit Growth Slows in October

U.S. consumer borrowing increased at a slower-than-expected pace in October, according to new Federal Reserve data. This suggests households may be becoming more cautious with their finances. Total consumer credit rose to $5.08 trillion. The increase was less than economists had forecast. The report measures non-housing debt, which includes categories like credit cards and auto loans. A slowdown in borrowing can indicate that consumers are limiting spending or facing tighter lending standards. Economists watch this data closely as consumer spending drives a large portion of the U.S. economy. The October figures will inform assessments of economic resilience amid higher interest rates and inflation.