Consumer credit in the U.S. increased by much more than expected in the month of January, according to a report released by the Federal Reserve on Thursday.
The Fed said consumer credit jumped by $19.5 billion in January after inching up by a revised $0.9 billion in December.
Economists had expected consumer credit to climb by $9.3 billion compared to the $1.6 billion uptick originally reported for the previous month.
The report said revolving credit, which includes credit cards, rose by $8.4 billion, while non-revolving credit, such as auto loans and student loans, advanced by $11.1 billion.