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

(RTTNews) - Reflecting increases in both revolving and non-revolving credit, the Federal Reserve released a report on Friday showing that U.S. consumer credit rose by more than expected in June.

The report said consumer credit jumped by $20.7 billion in June after climbing by $16.6 billion in May. Economists had been expecting credit to increase by about $17.4 billion.

Non-revolving credit such as student loans and car loans rose by $15.2 billion in June after climbing by $15 billion in May.

Revolving credit, which largely reflects credit card debt, also increased by $5.5 billion in June after edging up by $1.6 billion in the previous month.

The Fed also said consumer credit increased by an annual rate of 7.3 percent in June, as non-revolving and revolving credit rose by 7.3 percent and 7.4 percent, respectively.