Consumer Credit Surges


U.S. consumer borrowing soared by $21.4 billion in March to $2.54 trillion, the seventh-straight monthly gain and the biggest increase for a single month in more than a decade. The larger-than-expected increase was driven by nonrevolving debt, which includes student loans and auto financing.

March marked the biggest jump in consumer borrowing since November 2001, and more than twice analysts' expectations for an $8.5 billion increase, according to the Wall Street Journal.

The increase in consumer borrowing signaled growing confidence in the U.S. economic outlook and analysts said they expected the trend to continue in the coming months.