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