US Consumer Credit Falls Short of Expectations in August
According to Federal Reserve data, consumer credit in the US increased by $8.3 billion in August, reaching $5.2 trillion and remaining below market expectations.
US consumer credit lagged behind market expectations in August, recording an increase of $8.3 billion to reach a total credit volume of $5.2 trillion.
Credit Growth Misses Expectations
According to data published by the Federal Reserve, consumer credit in the country increased by $8.3 billion in August compared to the previous month. The general expectation in the markets was for credit to increase by $14.5 billion during this period.
Total Credit Volume and Breakdown of Categories
With this increase, total consumer credit in the US reached the $5.2 trillion level. In August, revolving credit, such as credit cards, decreased by $4.8 billion, while non-revolving credit, including automobile and student loans, increased by $13.1 billion.
Annualized Rates of Change
In August, consumer credit recorded an annualized growth rate of 1.9 percent. During the same period, revolving credit dropped at an annualized rate of 4.2 percent, while non-revolving credit rose by 4.1 percent.