Consumer credit in the U.S. increased by more than expected in the month of February, according to a report released by the Federal Reserve on Thursday.
The Fed said consumer credit jumped by $17.2 billion in February after rising by an upwardly revised $14.9 billion in January. Economists had expected credit to increase by $14.0 billion.
Non-revolving credit such as student loans and car loans climbed by $14.3 billion in February after increasing by $15.1 billion in January.
The Fed said revolving credit, which largely reflects credit card debt, edged up by $3.0 billion in February after slipping by $0.3 billion in the previous month.
The report also said consumer credit increased by an annual rate of 5.8 percent in February, as revolving credit rose by 3.7 percent and non-revolving credit surged up by 6.6 percent.
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