Total consumer credit increased at an annual rate of 4.4% for July to hit $2.8 trillion, according to a Federal Reserve Consumer Credit report (link opens a PDF) released today.
After increasing at a seasonally adjusted annual rate of 6.8% for May and 5.1% for June, this month signals another slowdown in consumer credit growth. In absolute terms, analysts had expected a $12.3 billion month-over-month credit increase, but July's $10.4 billion bump didn't quite hit Mr. Market's mark.
Revolving credit (no fixed number of payments, e.g., credit cards) was the culprit behind July's slowing growth, dipping a seasonally adjusted 2.6% after a 5.2% drop in June.
Non-revolving credit (fixed installments, e.g., car payments) fared significantly better, although its 7.4% growth is still slower than June's 9.5% jump.
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