WASHINGTON – Consumer borrowing slipped by $1.3 billion, or 0.7%, to $2.418 trillion in June, the fifth straight monthly decline, as nonrevolving credit increased for the second straight month, the Federal Reserve reported Friday.
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 declined 3.2% in the second quarter ending in June following a 1.8% decline in the first quarter.
Consumer credit last increased in January, gaining by 1.8%, which broke a string 11 consecutive monthly declines.
Economists expected consumer credit would decline by $5.25 billion in June, according to the median estimate from Thomson Reuters.
June’s revolving credit, which includes credit card borrowing, fell by $4.5 billion to $826.5 billion.
Nonrevolving credit, which includes loans for cars and education among other items, increased by $3.1 billion to $1.592 trillion.
Consumer loans held by commercial banks dropped by $4.7 billion to $1.148 trillion in June.
