Consumer credit in the U.S. rose by less than expected in the month of March, according to a report released by the Federal Reserve on Tuesday.
The report showed that consumer credit rose by $8.0 billion in March following an increase of $18.6 billion in February. Economists had expected credit to increase by $15.0 billion.
While non-revolving credit such as student loans and car loans rose by $9.7 billion, the increase was partly offset by a $1.7 billion drop in revolving credit, which largely reflects credit card debt.
The Fed also said consumer credit rose by an annual rate of 3.4 percent in March, as non-revolving credit rose by 5.9 percent but revolving credit fell by 2.4 percent.
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