United States consumer credit goes up

Washington, 8 August: United States consumer credit increased by an average of 5.9 percent in June, slower than the 7.5 percent increase in the previous month, the Federal Reserve system of the United States said.

Total consumer loans rose from a revised $2,83 billion in May to a seasonally adjusted $ 2.85 trillion in June, told Xinhua.

Revolving debt, which includes credit card spending had dropped to 853.6 billion dollars in June, down 3.8 percent from the may figure.

Borrowing in the category that includes non-restorable auto and student loans, grew an average of 10.0 percent to $ 1.99 billion.

Consumer spending, which accounts for about 70 percent of overall economic activity in the United States, is the main engine of economic growth. The growth of consumer credit means consumers to increase their borrowing.