Prior month revised to 14.529B vs 12.320B earlier.
The US consumer credit for July rose by 5.8% at an annualized pace to 3.661 trillion. The data is provided by the Federal reserve. The change in dollar terms was $17.713B vs 16.0B estimate.
The amount of revolving debt increased to $969.0 billion from 966.2 billion (+2.8B) while non-revolving credit increased to 2.692T or 14.9B for the month. Non revolving credit is mainly student loans. They rose by 1.006 trillion on a non seasonally adjusted basis.
Rising consumer credit can be a double edged sword. On one side it could suggest that consumers are not fearful of increased debt and that could help spur on additional growth. ON the other side, is they are assuming more debt, which could restrict purchases in the future.
