Consumer credit increased at a seasonally adjusted annual rate of 3.4% in February, the Federal Reserve reported today. Nonrevolving debt—the category that includes auto loans and student loans—increased at an annual rate of 0.9%, while revolving debt, which includes credit cards, increased at an annual rate of 10.2%.
ISM: Manufacturing sector contacted in April
U.S. manufacturing activity contracted in April following a single month of expansion in March, the Institute for Supply Management said.