Consumer credit in the U.S. increased by more than expected in the month of March, according to a report released by the Federal Reserve on Friday.
The report said consumer credit jumped by $16.4 billion in March after climbing by $13.8 billion in February. Economists had expected credit to increase by $14.0 billion.
Non-revolving credit such as student loans and car loans surged up by $14.5 billion in March after rising by $12.1 billion in February.
Revolving credit, which largely reflects credit card debt, edged up by $1.9 billion in March after inching up $1.7 billion in the previous month.
The Fed said consumer credit increased by an annual rate of 5.2 percent in March, as revolving and non-revolving credit climbed by 2.4 percent and 6.2 percent, respectively.
The material has been provided by InstaForex Company – www.instaforex.com
May 06, 2017 at 12:52AM
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