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.