Home Economy U.S. Consumer Credit Jumps Much More Than Expected In July

U.S. Consumer Credit Jumps Much More Than Expected In July

by RTTNews Staff Writer

Consumer credit in the U.S. increased by much more than expected in the month of July, according to a report released by the Federal Reserve on Monday.

The Fed said consumer credit surged up by $23.3 billion in July after climbing by a downwardly revised $13.8 billion in June.

Economists had expected consumer credit to jump by $16.0 billion compared to the $14.6 billion increase originally reported for the previous month.

The bigger than expected increase in total consumer credit reflected notable growth in both revolving and non-revolving credit.

Revolving credit, which largely reflects credit card debt, climbed by $10.0 billion in July after edging down by 0.2 percent in the previous month.

Additionally, non-revolving credit, such as student loans and car loans, jumped by $13.3 billion in July after surging up by $13.9 billion in June.

Compared to the same month a year ago, consumer credit in July was up by 6.8 percent, as revolving credit spiked by 11.2 percent and non-revolving credit increased by 5.3 percent.

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