U.S. consumer credit up, but credit card usage down
WASHINGTON (Reuters) - U.S. consumer credit rose more than expected in August, but a third straight month of decline in credit card usage was consistent with recent tepid consumer spending.
Total consumer credit advanced by $13.63 billion to $3.04 trillion, Federal Reserve data showed on Monday.
Economists polled by Reuters had expected consumer credit to rise $12 billion in August after a previously reported $10.44 billion increase in July. This was revised down to a gain of $10.40 billion.
Revolving credit, which mostly measures credit-card use, fell $883.41 million, declining for a third straight month.
Nonrevolving credit, which includes auto loans as well as student loans made by the government, increased $14.51 billion in August. That followed a $12.23 billion increase in July.
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