With a modest drop in revolving credit partly offsetting an increase in non-revolving credit, the Federal Reserve released a report on Tuesday showing U.S. consumer credit rose by less than expected in the month of March.
The Fed said consumer credit rose by $10.3 billion in March after climbing by an upwardly revised $15.4 billion in February. Economists had expected consumer credit to increase by $16.0 billion.
Non-revolving credit such as student loans and car loans climbed by $12.4 billion in March, matching the increase seen in the previous month.
Meanwhile, the report said revolving credit, which largely reflects credit card debt, edged down by $2.2 billion in March after rising by $3.1 billion in February.
Compared to the same month a year ago, consumer credit in March was up by 3.1 percent, as non-revolving credit jump by 5.0 percent but revolving credit tumbled by 2.5 percent.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
