US consumer borrowing rose $10.2 billion in June

US consumer borrowing rose $10.2 billion in June

By Josh Boak, Associated Press | Posted - Aug. 7, 2018 at 1:08 p.m.


1 photo

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

WASHINGTON (AP) — Americans increased their borrowing in June at the slowest annual pace in three months as the level of credit card debt fell slightly.

The Federal Reserve said Tuesday that consumer debt rose a seasonally adjusted $10.2 billion in June from the prior month to a total of $3.91 trillion. Consumer borrowing increased at an annual rate of 3.1 percent in June, the slowest annual gain since March.

The category that includes credit cards slipped by $185 million in June after having surged by nearly $9.6 billion in May.

Consumer borrowing trends are closely monitored for clues they can provide about the willingness of consumers to borrow more to support their spending. Consumer spending accounts for 70 percent of U.S. economic activity.

During the April-July quarter, U.S. economic growth accelerated to an annual pace of 4.1 percent. The gain nearly doubled the annual growth rate of 2.2 percent during the first three months of 2018.

The Fed's monthly borrowing report does not include mortgages or any other debt secured by real estate, such as home equity lines of credit.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Photos

Josh Boak

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast