June 7, 2007 / 7:06 PM / 13 years ago

U.S. April consumer credit rises $2.6 bln-Fed

WASHINGTON, June 7 (Reuters) - U.S. consumer credit rose by a smaller-than-expected $2.6 billion in April following a big jump in March that was revised even higher, a Federal Reserve Board report showed on Thursday.

Consumer credit rose at a 1.3 percent annual rate in April to $2.429 trillion, the slowest pace since October 2006, the Fed said. The gain was well below the $6.0 billion consensus increase forecast by Wall Street economists polled by Reuters.

The smaller gain in April follows an upwardly revised March gain of $14.01 billion that which was originally reported at $13.46 billion.

April revolving credit, made up of credit and charge card debt, fell $402.9 million or 0.5 percent, to $887.23 billion, marking the first fall since a $578 million decline in March 2006.

April non-revolving credit, comprising closed-end consumer loans for purchases like cars, boats, college educations and holidays, rose $3.0 billion, or 2.3 percent, to $1.542 trillion.

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