Consumer credit in the U.S. jumped by much more than expected in the month of August, according to a report released by the Federal Reserve on Friday.
The Fed said consumer credit surged up by $20.1 billion in August after climbing by $16.6 billion in July. Economists had expected consumer credit to increase by $15.0 billion.
The report said non-revolving credit such as student loans and car loans climbed by $15.3 billion in August after increasing by $15.2 billion in the previous month.
Revolving credit, which largely reflects credit card debt, also rose by $4.8 billion in August after inching up by $1.4 billion in July.
Compared to the same month a year ago, consumer credit in August was up by 6.2 percent, as revolving and non-revolving credit increased by 5.6 percent and 6.4 percent, respectively.
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