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Home >> Business
UPDATED: 08:21, June 08, 2006
U.S. consumer credit grows at 5.9 percent in April
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U.S. consumer credit rose at an annual rate of 5.9 percent in April, the fastest pace since a 6.8 percent jump in June of last year, the Federal Reserve reported Wednesday.

The 5.9 percent rise, or 10.6 billion dollars, pushed total consumer credit to a record 2.17 trillion dollars at the end of April.

The rise was compared with a tiny 0.8 percent gain in March, which had been revised down from the 1.4 percent increase estimated a month ago.

For April, consumer borrowing on credit cards and other types of revolving loans grew at an annual rate of 4.5 percent after having fallen by 2.3 percent in March, according to the report.

Americans' borrowing for auto loans and other types of non- revolving credit surged at a rate of 6.7 percent in April, following a drop of 2.6 percent in the previous month.

Consumer credit is a measure reflecting consumer spending, which accounts for two-thirds of total U.S. economic activity. U.S. consumer spending is expected to slow in coming months as high gasoline costs leave consumers less to spend in other areas, according to analysts.

Source: Xinhua

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