US consumer credit up 3 pc in June

Top Stories

»	Sensex, Nifty open 1 pc lower amid West Asia tensions, weak global cues
»	India clocks robust 7.7 pc GDP growth in 2025-26, Q4 growth at 7.8 pc
»	RBI keeps repo rate unchanged at 5.25 pc, maintains ‘Neutral’ stance
»	Crude oil prices fall over 1 pc as ceasefire hopes ease West Asia concerns
»	Forced labour import curbs: US proposes up to 12.5 pc tariff on 60 countries, including India

IANS | 08 Aug, 2012
US consumer credit increased at an annual rate of 3 percent in June, a positive sign of growing confidence in the economy, the Federal Reserve reported.

The US central bank Tuesday said that borrowing in June rose to a seasonally adjusted total of USD 2,577.4 billion from the revised figure of USD 2,570.9 billion in May, Xinhua reported.

The Fed said that demand for revolving credit, the category that includes credit cards, fell by 5.1 percent in June to USD 864.6 billion.

The borrowing in the non-revolving category, which includes auto loans, rose at an annual rate of 7.2 percent to USD 1712.8 billion.

Consumer spending, which is the main driver for growth, rose by 1.5 percent in the second quarter, a deceleration from a 2.4 percent gain in the first three months. The overall economic growth also slowed to 1.5 percent in the April-June quarter.