Consumer Credit Expands in April, But Misses Expectations

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U.S. consumer credit grew by $6.51 billion in April, marking the eighth consecutive month in which the measure increased. But economists had been expecting more.

According to a survey by Bloomberg, the median of estimates from 36 economists was $11 billion, with a range of $5 billion to $18.9 billion.

Non-revolving credit increased by $10 billion, with federal government lending — primarily composed of student loans — up $6.1 billion. The gains in non-revolving credit were the highest in three months, Bloomberg said.

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