U.S. consumer credit expanded more slowly than expected in February though people still were borrowing money to buy cars and go to school, Federal Reserve figures issued Friday showed.
Total consumer installment credit grew by $8.73 billion, less than half the revised $18.60 billion gain posted in January and below estimates by Wall Street economists for a $12 billion rise.
Revolving credit, which mostly measures credit-card use, shrank for a second straight month. It was down $2.21 billion in February after a $2.95 billion decrease in January.
But nonrevolving credit, which includes auto loans as well as student loans made by the government, climbed by $10.94 billion in February. That followed a $21.56 billion surge in outstanding nonrevolving credit during January.
