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US Consumer Borrowing Climbs on Surge in Credit Card Balances
US consumer borrowing increased in March by more than expected on one of the largest spikes in credit-card balances on record. Total credit increased $26.5 billion, the most in four months, after a February gain of $15 billion, Federal Reserve data showed Friday. The figure, which isn’t adjusted for inflation, compared with the median estimate of a $17 billion increase in a Bloomberg survey of economists. Revolving credit outstanding, which includes credit cards, jumped $17.6 billion, about three times the prior month’s gain and the largest in a year. While low unemployment continues to be a key support for ... (full story)