Financial News: U.S. Consumer Credit Climbs Much Less Than Expected

U.S. Consumer Credit Climbs Much Less Than Expected In April

06/07/2024 - 15:08:00 (RTTNews)

(RTTNews) - Consumer credit in the U.S. increased by much less than expected in the month of April, according to a report released by the Federal Reserve on Friday.

The Fed said consumer credit climbed by $6.4 billion in April, while economists had expected consumer credit to jump by $11.0 billion.

Revised data also showed consumer credit dipped by $1.1 billion in March compared to the previously reported $6.3 billion increase.

The report said revolving credit, which includes credit cards, edge down by $0.5 billion in April, while non-revolving credit, such as auto loans and student loans, rose by $6.8 billion.

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