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

(RTTNews) - A report released by the Federal Reserve on Wednesday showed that U.S. consumer credit increased by much less than expected in the month of April.

The Fed said consumer credit rose by $8.2 billion in April after jumping by an upwardly revised $19.5 billion in March. Economists had expected consumer credit to climb by $15.5 billion.

Non-revolving credit such as student loans and car loans increased by $6.6 billion in April after surging up by $14.2 billion in March.

Revolving credit, which largely reflects credit card debt, edged up by $1.5 billion in April after rising by $5.4 billion in the previous month.

The Fed said consumer credit increased by an annual rate of 2.6 percent in April, as revolving and non-revolving credit rose by 1.8 percent and 2.9 percent, respectively.