WASHINGTON - Consumer credit increased by $7.6 billion, or 3.8%, in February, the fifth consecutive increase and the largest percentage gain since June 2008, the Federal Reserve reported Thursday.
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Consumer credit in January increased 2.2%, revised higher from a 2.0% gain reported last month.
Economists expected a $4.75 billion increase in February consumer credit, according to the median estimate from Thomson Reuters.
February’s revolving credit, which includes credit card loans, fell by $2.7 billion, or 4.1%.
Non-revolving credit, which includes loans for cars and education, increased by $10.3 billion, or 7.7%, the largest increase since October.
