Partly reflecting a rebound in revolving credit, the Federal Reserve released a report on Thursday showing that U.S. consumer credit increased by more than expected in March.
The report said consumer credit jumped by $20.5 billion in March after climbing by a downwardly revised $14.8 billion in February.
Economists had expected consumer credit to increase by about $15.9 billion compared to the $15.5 billion increase originally reported for the previous month.
Revolving credit, which largely reflects credit card debt, rebounded by $4.3 billion in March after falling by $2.4 billion in February.
Additionally, non-revolving credit such as student loans and car loans climbed by $16.2 billion in March following a $17.2 billion increase in the previous month.
The Fed also said consumer credit increased by an annual rate of 7.4 percent in March, as non-revolving credit advanced by 7.9 percent and revolving credit climbed by 5.9 percent.
The material has been provided by InstaForex Company – www.instaforex.com