US consumer borrowing growth slows in April

June 07, 2018 - 3:11 pm

WASHINGTON (AP) — Americans increased their borrowing in April at the slowest pace in seven months, dragged by a big slowdown in the category that covers auto and student loans.

The Federal Reserve says consumer debt rose $9.3 billion in April after a gain of $12.3 billion in March. It was the smallest monthly increase since a rise of $8.6 billion in September.

The category that includes credit cards climbed $2.3 billion in April after falling by $1.1 billion in March. But the category that includes auto loans and student loans rose $7 billion in April, just about half of the $13.4 billion March increase.

Consumer borrowing trends are closely monitored for clues they can provide about the willingness of consumers to borrow more to support their spending.

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