WASHINGTON – Consumer borrowing increased by $1 billion, or 0.5%, in April, more than economists estimated, but credit in March and February was revised lower, the Federal Reserve reported today.
Consumer credit in March swung to a decline of $5.4 billion, or 2.7%, from a $2 billion increase initially reported. Credit in February was revised lower to a 3.8% drop from a 3.0% drop reported last month. Consumer credit in the first quarter declined 1.6%.
Economists expected April consumer credit to increase by $500 million, according to the median estimate from Thomson Reuters.
Revolving credit, which includes credit card borrowing, fell by $8.5 billion, or 12.0%, the 20th consecutive monthly decline.
Non-revolving credit, which includes loans for cars, increased by $9.5 billion, or 7.1%, the largest gain since January.
Consumer loans held by commercial banks fell by $5.8 billion, or 0.5%, in April. Commercial bank consumer loans increased 40.1% in March.
