WASHINGTON – U.S. consumer credit (search) unexpectedly dipped by $59.4 million in September in its first monthly decline since November 2004, a Federal Reserve report showed on Monday.
The central bank said total consumer debt outstanding was largely unchanged, edging down to a seasonally adjusted $2.1601 trillion from a revised $2.1602 trillion in August.
Wall Street (search) analysts polled by Reuters had expected a rise of $6.0 billion in consumer credit in September. September's decline is only the fourth monthly decline since September 1998, according to Fed records.
The Fed said non-revolving credit — made up of closed-end loans for cars, boats, education expenses and holidays — fell by $3.20 billion in September. Revolving credit (search), which includes credit and charge cards, rose $3.14 billion.