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Financial News: U.S. Consumer Credit Climbs Less Than Expected In

U.S. Consumer Credit Climbs Less Than Expected In February

04/05/2019 - 15:08:00 (RTTNews)

(RTTNews) - Consumer credit in the U.S. increased by less than expected in the month of February, according to a report released by the Federal Reserve on Friday.

The Fed said consumer credit climbed by $15.2 billion in February after jumping by a revised $17.7 billion in January.

Economists had expected consumer credit to rise by $17.0 billion, matching the increase originally reported for the previous month.

The report said non-revolving credit such as student loans and car loans increased by $12.2 billion in February after surging up by $15.5 billion in January.

Revolving credit, which largely reflects credit card debt, edged up by $3 billion in February following a $2.6 billion uptick in the previous month.

Compared to the same month a year ago, consumer credit in February was up by 4.5 percent, as revolving and non-revolving credit increased by 3.3 percent and 4.9 percent, respectively.

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