U.S. Consumer Credit Increases by $8.20 Billion in April
U.S. consumer borrowing decelerated in April to the slowest pace of growth since August 2011, according to new data from the Federal Reserve.
Outstanding consumer credit, a measure of non-real estate debt, rose by $8.20 billion in April from the prior month, growing at a 2.58% seasonally adjusted annual rate. This marks the slowest month-over-month change since August 2011, when consumer credit declined at a 3.51% rate, the Fed said Wednesday.
Total outstanding credit had increased a revised $19.54 billion in March.
Economists surveyed by The Wall Street Journal expected a $15 billion increase in April.
Revolving credit outstanding, mostly credit cards, increased at a 1.8% annual pace in April. Nonrevolving credit outstanding, mainly student and auto loans, rose at a 2.9% annual pace.
Household balance sheets have been growing since late 2010.
The average credit score nationwide hit 700 in April, up one point from last fall, according to data from Fair Isaac Corp. That is the highest since at least 2005.
The Federal Reserve's latest report on consumer credit can be accessed at: https://www.federalreserve.gov/releases/g19/current/
Write to Sarah Chaney at sarah.chaney@wsj.com
(END) Dow Jones Newswires
June 07, 2017 15:15 ET (19:15 GMT)