Consumer credit in the U.S. increased by less than expected in the month of August, according to a report released by the Federal Reserve on Wednesday.
The report said consumer credit climbed by $16.0 billion in August following a revised $18.9 billion increase in July. Economists had expected credit to jump by $20.5 billion.
The Fed said non-revolving credit such as student loans and car loans rose by $12 billion in August after climbing by $14.7 billion in July.
Revolving credit, which largely reflects credit card debt, also increased by $4 billion in August following a $4.2 billion increase in the previous month.
The report also said consumer credit increased by an annual rate of 5.6 percent in August, as non-revolving and revolving credit rose by 5.7 percent and 5.3 percent, respectively.
The material has been provided by InstaForex Company – www.instaforex.com