Consumer credit up slightly in April

WASHINGTON, June 7 (UPI) -- U.S. consumer borrowing rose by $1 billion in April, climbing 0.5 percent after dropping in the prior two months, the Federal Reserve reported Monday.

Economists had expected a $2 billion decline in credit activity. The Fed, however, revised its March figure from a $2 billion increase to a drop of $5.4 billion.

The Fed said credit rose 0.5 percent on an annual basis with revolving credit -- generally credit cards and lines of credit -- down 12 percent on an annual basis to $838 billion, while non-revolving credit rose 7 percent to $1.6 trillion compared with March.