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With a slight drop in revolving credit partly offsetting a notable increase in non-revolving credit, the Federal Reserve released a report on Wednesday showing U.S. consumer credit rose by less than expected in the month of June.
The Fed said consumer credit rose by $14.6 billion in June after climbing by an upwardly revised $17.8 billion in May.
Economists had expected consumer credit to increase by $16.0 billion compared to the $17.1 billion jump originally reported for the previous month.
Non-revolving credit, such as student loans and car loans, shot up by $14.7 billion in June after rising by $10.3 billion in May.
Meanwhile, the report said revolving credit, which largely reflects credit card debt, edged down by $0.1 billion in June after increasing by $7.5 billion in the previous month.
Compared to the same month a year ago, consumer credit in June was up by 4.3 percent, as non-revolving credit jumped by 5.8 percent but revolving credit dipped by 0.1 percent.
