Last Update: 07-Jun-18 15:21 ET
- Total outstanding consumer credit increased by $9.2 billion in April (Briefing.com consensus $16.1 billion) after increasing an upwardly revised $12.3 billion (from $11.6 billion) in March.
- The growth in April was driven by nonrevolving credit, which increased by $7.0 billion from March to $2851.8 billion. Revolving credit increased by $2.2 billion to $1030.7 billion after decreasing by $1.1 billion in March.
- Consumer credit increased at a seasonally adjusted annual rate of 3.00% in April, with revolving credit increasing at an annual rate of 2.5% and nonrevolving credit increasing at an annual rate of 3.0%.
- The key takeaway from the report is that the increase in consumer credit was the lowest since September 2017, which suggests rising interest rates may have driven consumers to pay down debt and/or tempered their demand for credit.