Consumer Credit Rises Above Forecast in June

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Consumer debt increased by $14.3 billion in June, according to data released Thursday from the U.S. Federal Reserve, which also showed that total consumer credit had risen to $2.586 trillion from the prior month's $2.572 trillion.

As a percentage, consumer credit rose at an annual rate of 6.75%.

The change was above the consensus for a $6.3 billion increase, and follows May's upwardly revised gain of $8.1 billion, previously reported as $7.8 billion.

Consumer credit increased at an annual rate of 5% in the second quarter, while both revolving and nonrevolving credit increased at 5%.

By Patrick McGee and edited by Stephen Huebl
©CEP News Ltd. 2008

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Consumer Credit Rises Above Forecast in June

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