Washington, May 8 (IANS) US consumer credit increased at an annual rate of 10.2 percent in March this year, fresh evidence of the ongoing recovery of the world’s largest economy, the US Federal Reserve announced.
The monthly consumer credit’s increase in pace in March was quicker than a revised 4.4-percent rise in February. Total consumer borrowing rose from a revised $2.52 trillion in February to $2.54 trillion in March, the central bank said in a report Monday.
Revolving debt, which includes credit cards, rose 7.8 percent in March from the previous month to $803.6 billion, reported Xinhua.
Consumer spending, which accounts for about 70 percent of the overall economic activity, was the major engine of the US economic growth.
Before the worst economic recession in decades, US consumer credit rose 4.1 percent and 5.8 percent in 2006 and 2007, respectively. It fell 4.4 percent and 1.7 percent in 2009 and 2010 respectively.
