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A report released by the Federal Reserve on Thursday showed consumer credit in the U.S. increased by more than expected in the month of January.
The report said consumer credit climbed by $17.0 billion in January after rising by a revised $15.4 billion in December. Economists had expected consumer credit to increase by $16.0 billion.
The Fed said non-revolving credit such as student loans and car loans rose by $14.5 billion in January after climbing by $14.4 billion in December.
Revolving credit, which largely reflects credit card debt, also edged up by $2.5 billion in January after inching up by $1.0 billion in the previous month.
Compared to the same month a year ago, consumer credit in January was up by 5.1 percent, as revolving and non-revolving credit increased by 2.9 percent and 5.9 percent, respectively.
