ECONOMY

US: In June, growth in consumer credit slows

U.S. consumer credit decreased its speed in June, according to statistics published by the U.S. Central Bank (Fed) on Wednesday.

Outstanding customer loans rose by $14.6 billion, an initial rise of 4.3 percent in June, relative with + 5.2 percent a month earlier.

Analysts had expected that the use of loans would progress less quickly but to a lesser extent. They anticipated late payments to increase by 16.5 billion.

Total outstanding amounts to $4.102.29 billion.

The Americans placed a brake on the credit cards, with outstanding rotating payments dropping by 0.1 percent after a month earlier jump of 8.4 percent.

These credits represented a total of $ 1,071.5 billion.

Standard customer loans, such as vehicle loans and student loans, rose at an ongoing pace of 5.8%, an increase from May when they rose year-on-year by 4.1%.

They amount to $ 3,030.6 billion.

Consumer loan finances a big part of US consumption, which speaks for over 70% of the financial development of the country.

Reference: AFP / RP

Seth Statnick

Reporter Seth Statnick was born and raised in California but moved east when he was 25. Apart from running his own consulting firm. Seth spends his time rowing. As a financial journalist Seth has published stories for NPR Business Online, as well as Buzz Feed and Motherboard. As a contributor to The Ticker Times, Seth mostly covers markets and trade. Tel: 206-332-0220 Location: 1304 6th Ave, Seattle, WA 98104, USA Email: seth@thetickertimes.com

Related Articles

Check Also
Close
Back to top button
Close
Close