The Federal Reserve reported a significant increase in consumer credit in the U.S. for the month of January, surpassing the expectations. Consumer credit saw a growth of $19.5 billion in January, a substantial leap compared to the revised increase of $0.9 billion during December.
Previously, economists predicted a rise of $9.3 billion in consumer credit, a figure which was dwarfed by the actual result. The initial report for December showed a modest increase of $1.6 billion.
The Federal Reserve's report also gave a breakdown of these findings: revolving credit, encompassing credit cards, soared by $8.4 billion, while non-revolving credit, which includes student loans and auto loans, rose by $11.1 billion.
