Consumer Credit Grew 4.1 percent (SAAR) in June

Consumer credit increased at a seasonally adjusted annual rate of 4.1 percent in June, down from a 6.0 percent rate in May. Total outstanding credit rose $12.3 billion during the month (compared to $17.9 billion in May) to $3.63 trillion.

Revolving credit rose at an annual rate of 9.7 percent to $960.8 billion, compared to a 2.2 percent increase in May.

Non-revolving credit rose at a 2.1 percent annual rate, or $4.6 billion, compared to May’s rate of 7.3 percent. Total outstanding non-revolving credit is now $2.67 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 37 percent or outstanding credit. Depository institutions and finance companies are the secondary and tertiary holders, with 25 percent and 23 percent, respectively, of outstanding non-revolving credit.

Read the Federal Reserve release.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
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