US consumer credit falls by $15.6B in August: Fed

By Ovunc Kutlu

ISTANBUL (AA) - Consumer credit in the US fell by $15.6 billion in August to approximately $4.9 trillion, according to data released Friday by the Federal Reserve.

The market expectation for the figure was to show an increase of $11.7 billion.

Consumer credit in July, meanwhile, showed a gain of almost $11 billion.

On an annual basis, consumer credit in August decreased 3.8% compared to the same month last year.

Revolving credit, mostly credit cards, rose 13.9% in August annually. Nonrevolving credit, mainly auto and student loans, was down 9.8%.