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%.
Click here for the full release from the Federal Reserve >
Don’t miss: The complete history of how the economy imploded, improved, faded, and then finally got better >
Business Insider Emails & Alerts
Site highlights each day to your inbox.
Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.