US consumer loans rise more than expected

Consumer loans in the US increased by $17.85 billion in June, above expectations. The US Federal Reserve (Fed) announced consumer loan data for June. Accordingly, consumer loans in the country increased by $17.85 billion in June compared to the previous month, reaching a volume of $4 trillion 997.1 billion. The market expectation for consumer loans was an increase of $13 billion. The increase in consumer loans in May had been $9.46 billion. During this period, credit card and similar revolving loans decreased by $605 million on a monthly basis, while non-revolving loans such as home, automobile and student loans increased by $18.4 billion. Consumer loans increased by 4.3 percent on an annual basis in June. Revolving loans decreased by 0.6 percent in June compared to the same period last year, while non-revolving loans increased by 6 percent.