Economics
US Consumer Credit Surges Again as Loans, Card Spending Jump
- Non-revolving credit, including auto and school loans, rose
- On an annualized basis, borrowing climbed 10.1% in April
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US consumer borrowing surged again in April, following a record jump a month earlier, fueled by rising prices and the continued strength of American consumers.
Total credit increased $38.1 billion from the prior month after a downwardly revised $47.3 billion gain in March, Federal Reserve figures showed Tuesday. The median forecast in a Bloomberg survey of economists called for a $35 billion advance. The figures aren’t adjusted for inflation.