U.S. Consumer Credit Climbs Less Than Expected In August

(RTTNews) - 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 Tuesday.

The report showed that consumer credit increased by $13.5 billion in August after climbing by a revised $21.6 billion in July.

Economists had expected credit to increase by about $20.0 billion compared to the $26.0 billion jump originally reported for the previous month.

Non-revolving credit such as student loans and car loans rose by $13.8 billion in August following a $16.2 billion increase in July.

On the other hand, revolving credit, which largely reflects credit card debt, edged down by $0.2 billion in August after rising by $5.4 billion in the previous month.

The Fed also said consumer credit increased by an annual rate of 5.0 percent in August, as non-revolving credit climbed by 7.0 percent but revolving credit dipped by 0.3 percent.