Consumer credit outpaces forecast

Consumer credit in the U.S. increased more than forecast in November, led by borrowing for student loans and automobiles.

The $16 billion gain followed a $14.1 billion advance in October, Federal Reserve figures showed Tuesday.

With sustained gains in the labor market, reflected by December’s 155,000 increase in payrolls, and strong demand for student loans and cars, economists expect consumer credit to continue to grow in the early months of 2013.

The October increase was previously reported as $14.2 billion.

The report doesn’t track debt secured by real estate, such as home-equity lines of credit and home mortgages.

Nonrevolving debt, such as that for college tuition or auto purchases, climbed $15.2 billion in November, the most since June, after increasing $10.6 billion in October.