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Consumer credit in the U.S. increased by less than expected in the month of April, according to a report released by the Federal Reserve on Thursday.
The Fed said consumer credit rose by $9.2 billion in April after climbing by $12.3 billion in March. Economists had expected consumer credit to increase by $13.8 billion.
The increase in consumer credit was primarily due to growth in non-revolving credit such as student loans and car loans, which rose by $7.0 billion in April after climbing by $13.4 billion in March.
Meanwhile, the report said revolving credit, which largely reflects credit card debt, edged up by $2.2 billion in April after dipping by $1.1 billion in the previous month.
Consumer credit climbed by an annual rate of 2.9 percent in April, as non-revolving credit and revolving credit rose by 3.0 percent and 2.6 percent, respectively.
