U.S. Consumer Credit Rises Slightly Less Than Expected In June

(RTTNews) - With a drop in revolving credit partly offsetting an increase in non-revolving credit, the Federal Reserve released a report on Wednesday showing that U.S. consumer credit rose by slightly less than expected in the month of June.

The report said consumer credit increased by $13.8 billion in June following a downwardly revised $17.5 billion increase in May.

Economists had expected credit to increase by about $15.0 billion compared to the $19.6 billion increase originally reported for the previous month.

Non-revolving credit such as student loans and car loans rose by $16.5 billion in June after rising by $11.1 billion in May.

Meanwhile, revolving credit, which largely reflects credit card debt, dipped by $2.7 billion in June following a $6.4 billion increase in the previous month.

The Fed also said consumer credit rose by an annual rate of 5.9 percent in May, as non-revolving credit increased by 10.0 percent and revolving credit dropped by 3.8 percent.