WASHINGTON — Consumer credit jumped $18.1 billion, or 8%, in August to $2.725.6 trillion, the Federal Reserve reported Friday.
In July, consumer credit fell a revised $2.5 billion, or 1.1%, to $2.707.5 trillion.
Revolving credit rose to $854.9 billion in August from $850.7 billion in July, while non-revolving credit rose to $1.870.7 trillion from $1.856.8 trillion.
The credit surge overshot the expectations of economists polled by Thomson Reuters, who had projected a $6 billion increase.
Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.
