Total U.S. consumer credit rose $10.4 billion in July, down from a revised $14 billion gain in the prior month, the Federal Reserve said Friday
The numbers: Total consumer credit rose $10.4 billion in July, down from a revised $14 billion gain in the prior month, the Federal Reserve said Friday. That translates into a 2.5% annual rate, slower than the revised 3.4% gain in the prior month.Overall credit growth is declining. One year ago, consumer credit was up $28.3 billion as workers tapped credit to keep up with rising prices.
Nonrevolving credit, typically auto and student loans, rose a slim 0.3% in July, down from a 4.8% growth rate in the prior month. This category of credit is much less volatile.Big picture: Consumer spending has picked up in the third quarter, according to government data.
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Consumer credit growth slows in JulyTotal consumer credit rose $10.4 billion in July, down from a revised $14 billion gain in the prior month, the Federal Reserve said Friday
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