U.S. Consumer Credit Climbs Less Than Expected In June

(RTTNews) - While the Federal Reserve released a report on Friday showing a continued increase in U.S. consumer credit in the month of June, the growth fell short of economist estimates.

The Fed said consumer credit rose by $12.3 billion in June after climbing by a downwardly revised $17.9 billion in May.

Economists had expected credit to increase by $15.5 billion compared to the $18.6 billion jump originally reported for the previous month.

Revolving credit, which largely reflects credit card debt, climbed by $7.7 billion in June after edging up by $1.8 billion in May.

The report also said non-revolving credit such as student loans and car loans increased by $4.6 billion in June after surging up $16.2 billion in the previous month.

Additionally, the Fed said consumer credit increased by an annual rate of 4.1 percent in June, as revolving credit surged up by 9.7 percent and non-revolving credit rose by 2.1 percent.