POST Online Media Lite Edition



 

U.S. consumer credit jumps more than expected in July

Staff Writer |
Partly reflecting a jump in non-revolving credit, the Federal Reserve released a report showing that U.S. consumer credit rose by more than expected in the month of July.

Article continues below






The report said consumer credit surged up by $17.7 billion in July after climbing by an upwardly revised $14.5 billion in June.

Economists had expected consumer credit to rise by $15.6 billion compared to the $12.3 billion increase originally reported for the previous month.

The Fed said non-revolving credit such as student loans and car loans shot up by $14.9 billion in July after rising by $5.4 billion in June.

Revolving credit, which largely reflects credit card debt, edged up by $2.8 billion in July after climbing by $9.1 billion in the previous month.

Additionally, the Fed said consumer credit increased by an annual rate of 5.8 percent in July, as non-revolving credit surged up by 6.7 percent and revolving credit rose by 3.4 percent.


What to read next

U.S. consumer credit climbs more than expected in July
U.S. consumer credit climbs more than expected in September
U.S. consumer credit increases more than expected in May