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

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

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

The Fed said consumer credit surged up by $20.1 billion in August after climbing by $16.6 billion in July. Economists had expected consumer credit to increase by $15.0 billion.

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

Revolving credit, which largely reflects credit card debt, also rose by $4.8 billion in August after inching up by $1.4 billion in July.

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

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