U.S. Consumer Credit Jumps $18.12 Billion in August, Fed Says
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Consumer credit in the U.S. rose more than forecast in August, propelled by a surge in borrowing for education and automobiles.
The $18.12 billion rise, the most in three months, followed a revised $2.5 billion decrease in July, Federal Reserve figures showed today in Washington. The median forecast of 34 economists surveyed by Bloomberg called for a $7.25 billion increase. The pickup in non-revolving borrowing, which includes student and automobile loans, was accompanied by the first gain in revolving credit in three months.