Consumer credit grows less than expected in June

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Consumer credit increased by $10.2 billion in June to $3.908 trillion, the Federal Reserve reported Tuesday.

In May, consumer credit rose a revised $24.3 billion to $3.898 trillion, first reported as a $24.6 billion gain to $3.898 trillion

Economists polled by IFR Markets predicted a $16.0 billion increase in the month.

Revolving credit outstanding in June fell $200 million to $1,038.8 billion from $1,038.9 billion the previous month.

Non-revolving credit rose $10.4 billion to $2.869 trillion from $2.858 trillion.

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

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