US consumer credit increases by over $17B in June: Fed

ISTANBUL

Consumer credit in the US rose by $17.85 billion in June to reach almost $5 trillion, according to data released Monday by the Federal Reserve.

The figure came in higher than market expectations of a $13 billion increase.

Consumer credit in May meanwhile showed a gain of $9.46 billion.

Revolving credit, mostly credit cards, declined 0.6% in June. Nonrevolving credit, mainly auto and student loans, was up 6%.

On an annual basis, consumer credit in June increased 4.3% compared to the same month last year.