Total U.S. consumer credit rose by $15.3 billion in February, down from a revised $19.5 billion in the prior month, the Federal Reserve said Friday.
The numbers: Total consumer credit rose $15.3 billion in February, down from a revised $19.5 billion gain in the prior month, the Federal Reserve said Friday. That translates into a 3.8% annual rate in February, down from a 4.9% gain in the prior month.
Key... The numbers: Total consumer credit rose $15.3 billion in February, down from a revised $19.5 billion gain in the prior month, the Federal Reserve said Friday. That translates into a 3.8% annual rate in February, down from a 4.9% gain in the prior month. Key details: Revolving credit, like credit cards, rose 5% in February after a revised 12.8% gain in the prior month. That was up from the initial estimate of a 11.1% gain.
Credit growth and consumer spending has remained solid even with higher inflation. Consumer spending is estimated to have risen at a 1% annual rate by some estimates. The data will be released at the end of the month in the first-quarter GDP report.
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