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

Consumer credit in the U.S. rose by less than expected in the month of August, according to a report released by the Federal Reserve on Friday.

The report said consumer credit increased by $13.1 billion in August after climbing by a revised $17.7 billion in July.

Economists had expected consumer credit to rise by $16.0 billion compared to the $18.5 billion jump originally reported for the previous month.

The Fed said non-revolving credit such as student loans and car loans climbed by $7.3 billion in August following a $15.6 billion increase in July.

Revolving credit, which largely reflects credit card debt, rose by $5.7 billion in August after edging up by $2.1 billion in the previous month.

The Fed said consumer credit increased by an annual rate of 4.2 percent in August, as revolving credit jumped by 7.0 percent and non-revolving credit rose by 3.2 percent.

by RTTNews Staff Writer

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