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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who started this subject6/7/2004 6:04:50 PM
From: russwinter  Read Replies (3) of 110194
 
Reuters
Fed: Consumer Credit Rose $3.9 Billion
Monday June 7, 3:36 pm ET

WASHINGTON (Reuters) - U.S. consumer debt outstanding grew by a smaller-than-expected amount in April, according to a Federal Reserve report on Monday, as credit card borrowing slipped for the second time in three months.

The central bank said credit grew by a seasonally adjusted $3.9 billion in April, after an upwardly revised $9.3 billion jump in March. The March increase had previously been reported as a smaller $5.7 billion gain.

Wall Street had expected credit to post a larger jump in April of about $6.1 billion.

In the April report, the Fed revolving credit - which tracks borrowing on credit and charge cards - fell by $3.2 billion in April. Revolving credit had also dipped in February.

Peter Kretzmer, senior economist with Banc of America Securities, said the drops were likely linked to reduced mortgage refinancing activity, an avenue homeowners have used to roll some of their revolving debt into their lower interest rate home loans.

Non-revolving debt, however, grew at a fast enough pace in April to more than offset the drop in revolving debt. Non-revolving credit increased by healthy $7.1 billion in April, after a $5.5 billion gain in March.

Non-revolving credit measures fixed-term consumer debt, including loans for cars, boats, tuition expenses and other items. The April gain in non-revolving credit was the largest since January's $11.7 billion jump.
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