Consumer credit in the U.S. experienced a significantly smaller increase than anticipated in April, as reported by the Federal Reserve on Friday.
The Federal Reserve revealed that consumer credit rose by $6.4 billion in April, falling short of economists' expectations, who had projected an $11.0 billion increase.
Additionally, the revised data indicated that consumer credit decreased by $1.1 billion in March, contrary to the previously reported $6.3 billion rise.
According to the report, revolving credit, which encompasses credit card debt, decreased by $0.5 billion in April, whereas non-revolving credit, including auto loans and student loans, increased by $6.8 billion.
