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US consumer borrowing posts smallest increase in 7 months

Consumer borrowing in the U.S. increased by a seasonally adjusted $9.26 billion in April, the smallest gain in seven months, latest figures from the Federal Reserve showed.

Total outstanding consumer credit rose to $3.883 trillion in April from the slightly revised $3.873 trillion in March.

The monthly consumer credit growth was largely due to non-revolving credit, such as student loans and auto loans, which increased by about $7.00 billion to $2.852 trillion.

Revolving credit, which mostly includes credit card debt, rose by $2.26 billion to $1.031 trillion in April.

The increase in consumer borrowing in April was the lowest since September 2017, when credit went up by $8.60 billion.