Surprising to the downside, seasonally adjusted U.S. consumer debt rose $5.2 billion in February, according to data released Monday from the U.S. Federal Reserve, which also showed total consumer credit rose to $2,539.7 trillion.
The change was below the consensus for a $6.0 billion increase, after January's upwardly revised gain of $10.3 billion. Prior to revision, consumer credit rose $6.9 billion in January.
Revolving consumer credit increased 5.9% year-over-year after rising 7.1% previously, while non-revolving credit rose 0.4% following January's 3.6% rise.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd.