U.S. consumer credit in September posts largest increase in nearly four years.

US consumer borrowing surged in September by the largest increase in nearly four years, driven by rising credit card balances and an increase in non-revolving credit. Federal Reserve data released Friday showed total outstanding credit rose by $27.8 billion, exceeding the expectations of all economists in a Bloomberg survey. The report excludes mortgages. Credit card and other revolving debt balances increased by $16.3 billion, the largest gain since November 2023. Non-revolving credit, including auto loans and student loans, rose by $11.5 billion.