Consumer credit surges $23 billion in April: Fed

Consumer credit rose $23.01 billion in April, down from $26.51 billion in March, according to the Federal Reserve.

This was slightly higher than economists’ expectations of $22 billion.

From the U.S. central bank’s G.19 report:

“In April, consumer credit increased at a seasonally adjusted annual rate of 5.7 percent. Revolving credit increased at an annual rate of 13.1 percent, while nonrevolving credit increased at an annual rate of 3.2 percent.”