Consumer credit in the U.S. jumped by much more than anticipated in the month of April, according to a report released by the Federal Reserve on Friday.
The Fed said consumer credit surged up by $17.5 billion in April after climbing by an upwardly revised $11.0 billion in March.
Economists had expected consumer credit to rise by $12.0 billion compared to the $10.3 billion increase originally reported for the previous month.
Revolving credit, which largely reflects credit card debt, showed a notable rebound, advancing by $7.0 billion in April after falling by $2.0 billion in March.
The report said non-revolving credit, such as student loans and car loans, also increased by $10.5 billion in April after jumping by $13.0 billion in the previous month.
Compared to the same month a year ago, consumer credit in April was up by 5.2 percent, as revolving credit rose by 4.2 percent and non-revolving credit spiked by 7.9 percent.
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