U.S. consumer credit growth slows to 4.5% in April
Credit growth rose $13.4 billion in April, or at a seasonally adjusted annual rate of 4.5%, the Federal Reserve said. Economists had expected a gain of $18 billion in April consumer credit.
This is down from a revised $28.4 billion, or 9.6% pace in March. That was the largest dollar gain in consumer credit on record.
In April, the Fed said credit-card debt rose at a 2.1% rate in April, down from 13.3% in the prior month, which was the largest gain February 2001.
Non-revolving debt, mainly car and student loans, which has powered credit growth in recent years, expanded at a 5.4% rate in April, below the 8.2% gain in March.
As a result of the gain in April, total outstanding consumer credit reached an all-time peak of $3.6 trillion. ■