Consumer Credit Rose 3% in June

WASHINGTON - Consumer credit increased by $6.5 billion, or 3.0%, in June to $2.577.4 trillion, the Federal Reserve reported Tuesday.

In May, consumer credit rose a revised $16.7 billion, or 7.8%, to $2.570.9 trillion.

Revolving credit fell to $864.6 billion in June from $868.3 billion in May, but non-revolving credit rose to $1.712.8 trillion from $1.702.6 trillion.

The increase was well below the $11 billion jump projected by economists polled by Thomson Reuters.

Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER