U.S. Consumer Credit Jumps $16.4 Billion In March

Consumer borrowing rose solidly in March, according to data released Friday, suggesting the consumer has not completely retrenched. Total consumer credit increased $16 billion in March of a 5.2% seasonally adjusted annual rate, the Federal Reserve reported Friday. The increase was also above economist estimates for a $13 billion gain in consumer credit in March, according to Econoday. Consumer spending increase a revised $13.8 billion in February, down slightly from the initial estimate of $15.2 billion. The U.S. economy got off to a slow start this year as consumers dialed back spending. The Fed said earlier this week that the slump in first quarter growth was temporary.