Last Update: 07-May-20 15:20 ET
- Consumer credit contracted by $12.1 bln in March (Briefing.com consensus $7.5 bln) after increasing a downwardly revised $20.0 bln (from $22.3.0 billion) in February.
- Nonrevolving credit increased by $168.1 bln in March to $3.143 trln.
- Revolving credit declined by $28.2 bln in March to $1.066 trln.
- Consumer credit increased at a seasonally adjusted annual rate of 1.75%, with revolving credit decreasing at an annual rate of 10.25% and nonrevolving credit increasing at an annual rate of 6.00%.
- The key takeaway from the report is that it shows how banks and finance companies grew more restrictive in extending revolving credit to individuals in March.