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