U.S. consumer credit jumps 7 percent in January

WASHINGTON, March 7 (Xinhua) -- U.S. consumer credit increased at an annual rate of 7 percent in January, evidence of the expanding consumer spending and ongoing economic recovery, U.S. Federal Reserve reported on Thursday.

Total consumer borrowing rose from a revised 2.7792 trillion U. S. dollars in December 2012 to a record of 2.7953 trillion dollars in January, the central bank said in a report.

Revolving debt, the type which includes credit cards, edged up at an annual rate of 0.1 percent to 850.9 billion dollars in January.

In January, the borrowing in the non-revolving category that includes auto and students loans, surged at an annual rate of 10 percent to 1.9444 trillion dollars.

Consumer spending, which accounts for about 70 percent of the overall U.S. economic activities, was the major engine of U.S. economic growth. An increase in consumer credit indicated consumers boosted their spending.

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