US Consumer Credit Posts Biggest Jump in 6 Months
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U.S. consumer credit in February recorded its biggest increase in half a year as consumers borrowed money for cars and student loans, Federal Reserve data showed on Friday.
Total consumer credit expanded by $18.14 billion to $2.799 trillion. Economists polled by Reuters had expected consumer credit to rise $15 billion in February.
Nonrevolving credit, which includes auto loans as well as student loans made by the government, rose $17.6 billion in February, following a downwardly revised $11.1 billion rise in January.
Revolving credit, which mostly measures credit-card use, nudged higher by $532.8 million after rebounding a revised $1.65 billion in January.
Cars, education — consumers want it all. Consumer credit posted its biggest jump in six months as consumers borrowed more for car and student loans.
