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

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

04/06/2018 - 15:09:00 (RTTNews)

(RTTNews) - A report released by the Federal Reserve on Friday showed consumer credit in the U.S. increased by less than expected in the month of February.

The Fed said consumer credit rose by $10.6 billion in February after jumping by an upwardly revised $15.6 billion in January.

Economists had expected consumer credit to climb by $15.0 billion compared to the $13.9 billion increase originally reported for the previous month.

The increase in consumer credit was primarily due to growth in non-revolving credit such as student loans and car loans, which rose by $10.5 billion in February after climbing by $14.1 billion in January.

Meanwhile, the report said revolving credit, which largely reflects credit card debt, inched up by just $0.1 billion in February after rising by $1.5 billion in the previous month.

Consumer credit climbed by an annual rate of 3.3 percent in February, as non-revolving credit increased by 4.4 percent and revolving credit edged up by 0.2 percent.

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