US consumer credit goes up

Washington, May 8 (IANS) US consumer credit increased at an annual rate of 3.4 percent in March, less than half of the 8 percent pace in the previous month, the US Federal Reserve reported.

Total consumer borrowing rose in March by a seasonally adjusted $8 billion, falling short of the market expectation of $15 billion increase, reported Xinhua.

Revolving debt, the type which includes credit cards, declined to $846.2 billion in March, down 2.4 percent at an annual rate from the revised figure in February.

In March, the borrowing in the non-revolving category that includes auto and students loans, rose at an annual rate of 5.9 percent to $1.96 trillion.

Consumer spending, which accounts for about 70 percent of the overall US economic activity, was the major engine of US economic growth. A rise in consumer credit indicated consumers increased their borrowing to make purchases.

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