US consumer credit increased $24.86 billion in March, or an annualized increase of 5.8%, well above expectations of a $12.5 billion rise. The February monthly growth was revised down slightly to $8.85 billion (vs $9.48 billion first reported).

• Revolving credit increased at a SAAR of 9.1%, or $10.03 billion MoM, and nonrevolving credit increased at a SAAR of 4.7%, or $14.83 billion.
• Total outstanding consumer credit jumped to $5,072.6 billion (not seasonally adjusted) with revolving credit balances rising to $1,276.2 billion and nonrevolving credit balances increasing to $3,805.0 billion.