WASHINGTON (dpa-AFX) - Consumer credit in the U.S. showed a notable increase in the month of April, according to a report released by the Federal Reserve on Friday, although the increase fell short of economist estimates.
The Fed said consumer credit rose by $11.1 billion in April following a revised $8.4 billion increase in March. Economists had expected credit to increase by about $14.0 billion.
Non-revolving credit such as student loans and car loans climbed by $10.3 billion, while revolving credit, which largely reflects credit card debt, edged up by $0.7 billion.
The Fed also said consumer credit rose by an annual rate of 4.7 percent in March, as non-revolving credit jumped by 6.4 percent and revolving credit rose by 1.0 percent.
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