August 5, 2005
U.S. consumer credit up $14.51 bln in June
WASHINGTON (Reuters) - U.S. consumer credit rose an
unexpectedly large $14.51 billion in June, the biggest increase
in eight months, as both credit card use and closed-end lending
surged, a Federal Reserve report showed on Friday.
The central bank said total consumer debt outstanding grew
to a seasonally adjusted $2.146 trillion, reversing direction
after a revised $1.23 billion decline in May.
Wall Street analysts polled by Reuters had expected a
slimmer $6.75 billion consumer credit rise in June after an
originally reported $3.02 billion May decline.
The Fed said nonrevolving credit -- made up of closed-end
loans for cars, boats, education expenses and holidays -- rose
$6.88 billion in June. Revolving credit, which includes credit
and charge cards, rose $7.63 billion.