US Consumer Credit Increased More Than Expected in July
Consumer credit increased by $18.1 billion in July to reach a total of $5.19 trillion, outperforming market expectations.
According to Federal Reserve data, consumer credit in the US increased by $18.1 billion in July, exceeding market expectations and bringing the total volume to $5.19 trillion.
July Consumer Credit Data
According to data released by the US Federal Reserve (Fed), consumer credit in the country performed above market expectations in July.
During this period, consumer credit increased by $18.1 billion compared to the previous month, reaching a size of $5.19 trillion.
Market Expectations and Actual Figures
The consensus expectation of economists and markets for July was that consumer credit would record an increase of around $11.9 billion.
The announced official figures significantly exceeded these estimates, drawing attention in the financial markets.
Distribution of Revolving and Non-Revolving Credit
In July, revolving credit, such as credit cards and similar products, recorded an increase of $2.8 billion.
Non-revolving credit, which includes automobile and student loans, stood out with an increase of $15.3 billion in the same period.
Annualized Growth Rates
Consumer credit generally managed to record an annualized increase of 4.2 percent in July.
During the same period, revolving credit rose by 2.5 percent, while the annualized increase in non-revolving credit stood at 4.8 percent.