US consumer borrow less than expected in June
2024.08.07 15:59
Investing.com — US consumers racked up less spending on credit cards in June at a time when many are worried about slowdown in the economy, the Federal Reserve said Wednesday.
Total credit rose $8.93 billion in June, slowing from a $13.95B gain seen in the prior month, the Federal Reserve said Wednesday, missing economists’ estimates for a $9.8B gain.
The rise in June took the annual rate to 2.1% annual rate, weaker than the 1.5% rise in the prior month.
The slowdown in credit usage comes just as fears of a economic slowdown returned focus following a string of weaker-than-expected data including the weaker jobs report last week.
Revolving credit including credit cards, declined by nearly $1.7B, or 1.5%, in June after 6.3% jump in the prior month.
Nonrevolving credit such as student loans, rose by a 3.4% rate after a 2.4% rise in the prior month.
