U.S. consumer credit surged 3.8% annualized in February, well ahead of expectations.Expectations were for a smaller $5 billion rise. What we got was a $7.6 billion rise, beyond market expectations.
Somewhat surprisingly, revolving credit, or credit cards, actually fell during this period, down 4%.
Non-revolving credit, which includes student, auto, and other loans, increased by 7.7%.
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