<<U.S. consumer credit rose $5.3 bln in July
WASHINGTON, Sept 8 (Reuters) - U.S. consumer installment credit rose in July by $5.3 billion, a 5 percent annual rate, after a revised
$8.8-billion increase in June, an annual rate of 8.4 percent rate, the Federal Reserve said on Tuesday. Previously, the Fed said June consumer credit had grown by $6.7 billion, but it revised that estimate up strongly.
The July rise in outstanding consumer credit was significantly stronger than the $3 billion increase that Wall Street analysts had forecast.
Outstanding auto credit rose by $3.5 billion, or a 9.7 percent annual rate, up from a $2.9-billion rise, or an 8.3 percent rate in June. Revolving, or credit-card, credit fell by $2.1 billion -- a 4.6 percent annual rate -- in July, a sharp turnaround from June when it grew by $4.2 billion, or a 9.4 percent rate, the Fed said. Other credit, a catch-all category that includes consumer bank loans like those for mobile homes and to pay for education but not real estate mortgages, jumped by $4 billion, at a 16.4 percent annual rate, in July. In June, this category was up $1.6 billion, at a 6.7 percent rate.
Before seasonal adjustment, total outstanding consumer credit in July was $1.259 trillion, up from $1.210 trillion a year earlier.>> |
