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Financial News: U.S. Consumer Credit Jumps Much More Than Expected

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

03/07/2024 - 15:10:00 (RTTNews)

(RTTNews) - Consumer credit in the U.S. increased by much more than expected in the month of January, according to a report released by the Federal Reserve on Thursday.

The Fed said consumer credit jumped by $19.5 billion in January after inching up by a revised $0.9 billion in December.

Economists had expected consumer credit to climb by $9.3 billion compared to the $1.6 billion uptick originally reported for the previous month.

The report said revolving credit, which includes credit cards, rose by $8.4 billion, while non-revolving credit, such as auto loans and student loans, advanced by $11.1 billion.

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