U.S. consumer credit growth stays strong in April
The numbers: Total consumer credit rose a seasonally adjusted $38.1 billion to a record $4.57 trillion in April, the Federal Reserve said Tuesday.That translates into a 10.1% annual rate increase in April, down from a revised 12.7% gain in the... The numbers: Total consumer credit rose a seasonally adjusted $38.1 billion to a record $4.57 trillion in April, the Federal Reserve said Tuesday.That translates into a 10.1% annual rate increase in April, down from a revised 12.
Nonrevolving credit, typically auto and student loans, rose at a 7.1% rate to a record $3.5 trillion That’s down slightly from 7.6% growth rate in the prior month. This category of credit is much less volatile. It only fell briefly at the start of the pandemic before returning to steady growth.Big picture: Consumer borrowing has increased at a rapid pace this year and economists are still debating the causes.
Market reaction: Stocks DJIA SPX were higher on Tuesday. The yield on the 10-year Treasury note TMUBMUSD10Y slipped below 3%.
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