US consumer credit rises at slowest pace in 7 months
Revolving credit constitute more than $1T
By Ovunc Kutlu
ANKARA (AA) - US consumer credit rose at a seasonally adjusted annual rate of 4% in August, marking its slowest pace since January, according to Federal Reserve figures released Thursday.
Total outstanding consumer credit neared $4.35 trillion in August, an increase of $14.38 billion from the previous month.
More than $1 trillion was in revolving credit, the figures showed.
While the market estimate was a $17.5 billion increase on a monthly basis, consumer credit rose $17.27 billion in July.
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