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U.S. revolving credit, 98% of which is credit card debt, decreased slightly in February, to $955.7 billion from $963.5 billion the previous month, according to a Federal Reserve G.19 report on consumer credit released yesterday. Total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, decreased at an annual rate of 3.5% in February to $2.56 trillion, the report says. Although credit card spending decreased in February, the Consumer Confidence Index remained largely unchanged in March, according to The Conference Board, a research organization (CardLine, 3/31). The March index stands at 26, up from 25.3 in February. The baseline for the index is 100. "Apprehension about the outlook for the economy, the labor market and earnings continues to weigh heavily on consumers' attitudes," Lynn Franco, director of The Conference Board Consumer Research Center, said of the index's findings. "Looking ahead, consumers remain extremely pessimistic about the short-term future and do not foresee a turnaround in economic conditions over the coming six months."
