U.S. Customer Credit Jumps More Than Expected In August

By | October 5, 2018

Consumer credit in the U.S. jumped by a lot more than expected in the month of August, according to a report launched by the Federal Reserve on Friday.

The Fed said consumer credit rose up by $20.1 billion in August after climbing up by $16.6 billion in July. Economic experts had anticipated customer credit to increase by $15.0 billion.

The report said non-revolving credit such as student loans and vehicle loan climbed up by $15.3 billion in August after increasing by $15.2 billion in the previous month.

Revolving credit, which largely shows credit card debt, likewise increased by $4.8 billion in August after inching up by $1.4 billion in July.

Compared to the same month a year earlier, consumer credit in August was up by 6.2 percent, as non-revolving and revolving credit increased by 5.6 percent and 6.4 percent, respectively.

The material has been offered by InstaForex Business – www.instaforex.com

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