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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

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