Consumer Credit Up Overall, Down At CUs
Outstanding consumer credit increased $6 billion to $2.4 trillion in March, but fell $2.2 billion to $219.7 billion at credit unions, the Federal Reserve reported Friday.
Overall, there was $796.1 billion in outstanding revolving consumer credit in March, compared with $794.2 in February. At credit unions, outstanding revolving credit remained unchanged at $35.3 billion. Revolving credit includes credit card debt.
Overall, there was $1.629 trillion in non-revolving credit, up from $1.625 trillion in February. At credit unions, there was $184.5 billion in non-revolving credit in March, compared with $186.7 billion in February. Non-revolving debt includes loans for items such as cars, mobile homes, tuition.
The increased consumer credit was the second piece of positive economic news released Friday.
The Labor Department reported that the economy created 244,000 jobs last month, although the unemployment rate rose from 8.9% to 9% because more people were looking for jobs.