Last Update: 10-Sep-18 15:35 ET
- Total outstanding consumer credit increased by $16.6 billion in July (Briefing.com consensus $14.5 billion) after increasing a downwardly revised $8.5 billion (from $10.2 billion) in June.
- Nonrevolving credit increased by $15.4 billion to $2881.4 billion
- Revolving credit increased by $1.2 billion to $1036.6 billion.
- Consumer credit increased at a seasonally adjusted annual rate of 5.0% in July, with revolving credit increasing at an annual rate of 1.5% and nonrevolving credit increasing at an annual rate of 6.5%.
- The key takeaway from the report is that the credit expansion in July was driven almost entirely by nonrevolving credit.