CONSUMER CREDIT BALANCES JUMP

Consumer credit balances jumped by $US16.48 billion in February.

Economists expected balances to increase by $US14.0 billion.

January’s increase was revised up to $US13.79 billion from a previous estimate of $US13.69 billion.

Non-revolving credit, like student and auto loans, jumped by $US18.9 billion.

Revolving credit, which includes credit cards, fell by $US2.4 billion.

“Nonrevolving credit is projected to drive virtually the entire increase, as revolving credit growth has been muted in the years following the end of the recession,” said Barclays economists ahead of the report.

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