US: Consumer Credit rose by $17.85 billion in June, surpassing expectations

“Consumer credit increased at a seasonally adjusted annual rate of 4 percent during the second quarter. Revolving credit increased at an annual rate of 7.1 percent, while nonrevolving credit increased at an annual rate of 3 percent. In June, consumer credit increased at an annual rate of 4.3 percent”,the Federal Reserve informed on Monday.

Total consumer credit rose by $17.85 billion from $4,979.2 billion to $4,997.1 billion in June, surpassing market expectations of a $13 billion increase.