U.S. Consumer Credit Growth in March Was Slowest in Nine Months

U.S. consumer debt growth eased in March with the smallest increase in nine months, suggesting Americans were less motivated to spend despite the strong labor market.

Total consumer credit rose $10.3 billion from the prior month, missing all economist estimates in Bloomberg’s survey, after an upwardly revised $15.5 billion gain in February, Federal Reserve figures showed Tuesday. Revolving debt outstanding fell for the second time in four months while non-revolving credit advanced.