US: Consumer credit change below consensus in Jan.

According to official data released by the Board of Governors of Federal Reserve, consumer credit change dropped to $8.79B in January from $14.76B in December (revised from $14.76B).

The report showed that in January, consumer credit increased at a seasonally adjusted annual rate of 2-3/4%. Revolving credit decreased at an annual rate of 4-1/2%, while nonrevolving credit increased at an annual rate of 5-1/2%.