U.S. consumer borrowing rose at a slower pace in August, according to the Federal Reserve.
Outstanding consumer credit, a measure of non-real estate debt, increased by $13.06 billion in August from the prior month, climbing by a 4.2% seasonally adjusted annual rate, the Fed said Friday. Total outstanding credit increased a revised $17.72 billion in July, growing at a 5.69% annual rate.
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Economists surveyed by The Wall Street Journal expected a $15 billion increase in August.
Revolving credit outstanding, which is mostly credit cards, increased at a 7% annual pace in August. Nonrevolving credit outstanding, which is comprised of mainly student and auto loans, rose at a 3.2% annual pace.
Debt held by U.S. consumers reached a record $12.8 trillion in 2017's second quarter, bolstered by a strong quarter for auto loans, an uptick in credit-card balances and rising mortgage debt.
The Federal Reserve's latest report on consumer credit can be accessed at: https://www.federalreserve.gov/Releases/g19/current/g19.pdf
Write to Sharon Nunn at Sharon.Nunn@WSJ.com.
(END) Dow Jones Newswires
October 06, 2017 15:15 ET (19:15 GMT)