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Tuesday, April 13, 2021

Consumer credit up $14.6 billion, slowest in 3 months

WASHINGTON (AP) — Consumer borrowing slowed in June to the smallest increase in three months as a jump in auto loans and student loans was offset by a big drop in borrowing on credit cards.

The Federal Reserve says overall consumer borrowing increased by $14.6 billion in June after a $17.8 billion advance in May. It was the smallest increase since a $9.9 billion gain in March.

Auto and student loans rose by $14.7 billion, the biggest gain since December, while borrowing in the category that covers credit cards fell by $80.5 million following a gain of $7.5 billion in May. It was the third monthly decline in the credit card category in the past seven months.

Consumer borrowing is monitored for signals it provides on the prospects for consumer spending.

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