Thursday, September 8, 2011

Consumer Credit Increased In July

Consumer credit increased in July by $12.0 billion, the largest rise since the recession, according to a Federal Reserve report released this afternoon. June’s growth in consumer credit was revised down to $11.3 billion from $15.5 billion. Total consumer credit has now increased for 10 consecutive months.

The growth in consumer credit was led by a $15.4 (11.8%) increase in non-revolving credit. The increase in non-revolving credit was caused primarily by high July auto loans and student loans. Revolving credit shrunk by $3.4 billion (5.1%), not nearly enough to offset the growth in non-revolving credit.

Read the report.

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