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(RTTNews) - Consumer credit in the U.S. increased by much less than expected in the month of April, according to a report released by the Federal Reserve on Friday.
The Fed said consumer credit climbed by $6.4 billion in April, while economists had expected consumer credit to jump by $11.0 billion.
Revised data also showed consumer credit dipped by $1.1 billion in March compared to the previously reported $6.3 billion increase.
The report said revolving credit, which includes credit cards, edge down by $0.5 billion in April, while non-revolving credit, such as auto loans and student loans, rose by $6.8 billion.
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