US: Consumer credit rises to $16.64 billion in July vs. $13 billion expected

Eren Sengezer FXStreet

The data released by the Board of Governors of the Federal Reserve System on Monday showed that the total amount of consumer credit increased to $16.64 billion in July from $8.46 billion in June (revised down from $10.21 billion) to surpass the analysts' estimate of $13 billion.

"In July, consumer credit increased at a seasonally adjusted annual rate of 5 percent. Revolving credit increased at an annual rate of 1-1/2 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent," the publication further read.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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