(RTTNews) - Consumer credit in the U.S. increased by much more than expected in the month of July, according to a report released by the Federal Reserve on Monday.
The Fed said consumer credit surged up by $23.3 billion in July after climbing by a downwardly revised $13.8 billion in June.
Economists had expected consumer credit to jump by $16.0 billion compared to the $14.6 billion increase originally reported for the previous month.
The bigger than expected increase in total consumer credit reflected notable growth in both revolving and non-revolving credit.
Revolving credit, which largely reflects credit card debt, climbed by $10.0 billion in July after edging down by 0.2 percent in the previous month.
Additionally, non-revolving credit, such as student loans and car loans, jumped by $13.3 billion in July after surging up by $13.9 billion in June.
Compared to the same month a year ago, consumer credit in July was up by 6.8 percent, as revolving credit spiked by 11.2 percent and non-revolving credit increased by 5.3 percent.
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