WASHINGTON — U.S. credit-card debt resumed falling in April, a sign that consumers remained edgy about the economy.
The drop in revolving credit reported by the Federal Reserve on Tuesday was the latest evidence of trouble for the recovery as consumers fight high fuel prices and unemployment.
The Fed data showed overall consumer credit in April increased for a seventh straight month, up $6.25 billion to $2.428 trillion.
Economists surveyed by Dow Jones Newswires had forecast a $5.5 billion climb. March consumer credit rose by $4.82 billion.
Nonrevolving credit in April rose by $7.19 billion to $1.638 trillion. The category includes loans for cars, mobile homes, tuition and other things.
But revolving credit dropped by $944 million to $790.11 billion, after a slight rise in March. Credit-card debt has fallen nearly every month since the start of the 2008-09 financial crisis, with consumers paying down debt and lenders writing off overdue balances.
The consumer-credit report doesn’t include numbers on home mortgages and other real-estate-secured loans. But the data are important for the insight given into consumer behavior.
Consumer spending is a big growth engine within the U.S. economy. Spending slowed in the first three months of 2011, with the overall economy braking considerably.
Data over the past week suggest the economy might not grow much faster in the second quarter, which ends June 30. Barclays Capital has revised its estimates for second-quarter growth sharply lower.
