WASHINGTON — Consumer borrowing slipped by $1.3 billion, or 0.7%, to $2.418 trillion in June, posting its fifth straight monthly decline, the Federal Reserve reported Friday.
Economists expected consumer credit to decline by $5.25 billion in June, according to the median estimate from Thomson Reuters. Nonrevolving credit increased for the second straight month in July.
Borrowing in May was revised to a decrease of $5.3 billion, or 2.6%, from a 4.5% decline reported last month. Total consumer credit fell 3.2% in the second quarter ending in June following a 1.8% dip in the first quarter.