U.S. consumer credit climbs more than expected in July
This is according to a report released by the Federal Reserve.
The Fed said consumer credit jumped by $18.5 billion in July after rising by a downwardly revised $11.8 billion in June.
Economists had expected consumer credit to climb by $15.1 billion compared to the $12.4 billion increase originally reported for the previous month.
The bigger than expected increase in consumer credit came as non-revolving credit such as student loans and car loans surged up by $15.8 billion in July after climbing by $7.1 billion in June.
Revolving credit, which largely reflects credit card debt, edged up by a more modest $2.6 billion in July after rising by $4.7 billion in the previous month.
The Fed said consumer credit increased by an annual rate of 5.9% in July, as revolving and non-revolving credit rose by 3.2% and 6.9%, respectively. ■