Updated: 07-Aug-17 15:21 ET
|Updated: 07-Aug-17 15:21 ET
- Total outstanding consumer credit increased by $12.4 billion in June (Briefing.com consensus $16.2 billion) after increasing by a slightly revised $18.3 billion (from $18.4 billion) in May.
- The growth in June was driven by nonrevolving credit, which was up $8.2 billion from May to $2.834 trillion, and revolving credit, which increased by $4.1 billion to $1.022 trillion.
- Consumer credit increased at a seasonally adjusted annual rate of 4.50% in June with revolving credit and nonrevolving credit increasing at similar annual rates.
- In June, consumer credit increased at an annual rate of 4.00%.
- Provided consumers weren't making greater use of revolving credit lines to cover basic needs due to a shortfall in income, this report can ostensibly be looked upon as a good sign for the economy since the expansion of credit is an integral contributor to economic growth. It is hard to say, though, because there isn't enough detail in the report and it is often subject to large revisions, which is why the market rarely shows much reaction to it.