U.S. consumer credit growth speeds up, non-revolving credit sees largest increase this year.

Consumer borrowing in the United States increased in September, driven by the largest increase in non-revolving credit this year. Data released by the Federal Reserve on Friday showed that total consumer credit outstanding increased by $13 billion in September, up from an upwardly revised $31 billion increase in August. The median forecast was for an increase of $10.2 billion. Non-revolving credit, which includes auto loans and student loans, increased by $11.4 billion, while revolving credit, which includes credit cards, increased slightly by $1.6 billion. The report does not include mortgage loans. The growth in non-revolving credit may partially reflect an increase in auto sales that month. At the same time, concerns about a weakening job market have led American consumers to generally keep their credit card balances under control. High cost of living is also a concern.