U.S. Consumer Credit Jumps More Than Expected In July

(RTTNews) - Partly reflecting a jump in non-revolving credit, the Federal Reserve released a report on Thursday showing that U.S. consumer credit rose by more than expected in the month of July.

The report said consumer credit surged up by $17.7 billion in July after climbing by an upwardly revised $14.5 billion in June.

Economists had expected consumer credit to rise by $15.6 billion compared to the $12.3 billion increase originally reported for the previous month.

The Fed said non-revolving credit such as student loans and car loans shot up by $14.9 billion in July after rising by $5.4 billion in June.

Revolving credit, which largely reflects credit card debt, edged up by $2.8 billion in July after climbing by $9.1 billion in the previous month.

Additionally, the Fed said consumer credit increased by an annual rate of 5.8 percent in July, as non-revolving credit surged up by 6.7 percent and revolving credit rose by 3.4 percent.