US consumer credit increased $9.48 billion in February, or an annualized increase of 2.2%, basically in line with expectations of a $10.0 billion gain. The January monthly growth was revised down slightly to $7.67 billion (vs $8.05 billion first reported).

• Revolving credit increased at a SAAR of 0.6%, or $0.71 billion MoM, and nonrevolving credit increased at a SAAR of 2.8%, or $8.78 billion.
• Total outstanding consumer credit dropped to $5.073.7 billion (not seasonally adjusted) with revolving credit balances dropping to $1,274.6 billion and nonrevolving credit balances edged up to $3,799.1 billion.