Washington, April 6 (IANS) US consumer credit grew at an annual rate of 7.8 percent in February, indicating expanding consumer spending and ongoing economic recovery, the US Federal Reserve reported.
Total consumer borrowing rose from a revised $2.780 trillion in January to a record $2.799 trillion in February, the central bank said in a report Friday.
Revolving debt, which includes credit cards, edged up at an annual rate of 0.8 percent to $848 billion in February, reported Xinhua.
In February, borrowing in the non-revolving category that includes auto and students loans, surged at an annual rate of 10.9 percent to $1.951 trillion.
Consumer spending, which accounts for about 70 percent of the overall US economic activity, is seen as a major engine driving the US economic growth. An increase in consumer credit indicates that consumers have boosted their spending.
The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.
Hill Post makes no representations as to the accuracy or completeness of any information on this site page.
