WASHINGTON, May 7 (Xinhua) -- Consumer credit growth in the United States slowed in March, hitting a 9-month low of 10.28 billion U.S. dollars, showed statistics released by the U.S. Federal Reserve (Fed) on Tuesday.
The consumer credit, which covers most credits extended to individuals but excludes loans secured by real estate, increased at an annual rate of 3.1 percent in March, after a 4.6 percent increase in the previous month, according to the newly-released data.
The increase of total consumer credit in March was the lowest since last June, when the reading stood at 8.84 billion dollars. However, the reading was higher than the same period one year ago, which stood at 10.03 billion dollars.
Consumer credit represents personal debt to purchase daily goods and services. Credit card is one of the most common forms of consumer credit.
Thus, slower growth in consumer credit shows dimmed motivation in spending, which could lead to less buying activity and weaker consumption.
The Fed usually releases the consumer credit growth data on the fifth business day of each month.