ANOTHER MISS: Consumer Credit Grows Slower Than Expectations

credit card number close up

Photo: The Consumerist/Flickr

UPDATE:Consumer credit increased by $8.7 billion in February to $2.522 trillion, missing economist expectations for a $12 billion gain, new data out of the Federal Reserve shows.

Although that represents the highest reading in nearly three years, it was the slowest pace of expansion since October. 

Revolving credit, which includes credit card debt, declined 3.3 per cent during the month. Nonrevolving credit offset much of that drop, increasing $10.9 billion to $1.723 trillion.

February’s data was revised slightly higher, to show an increase of $18.6 billion.

ORIGINAL:

The final data point on this slow Friday is a reading of consumer credit by the Federal Reserve.

Recently, consumer credit has soared higher — gaining $17.8 billion last month.

Economists polled by Bloomberg forecast credit will increase by $12.0 billion in February. 

The Federal Reserve is scheduled to release its report at 3:00 p.m. Follow the announcement live on Money Game.

Click here to take a look at revolving consumer credit >

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