US consumer credit rises $25.5B in July: Fed

By Ovunc Kutlu

ISTANBUL (AA) - US consumer credit rose around $25.5 billion in July compared to the previous month to reach almost $5.1 trillion, the Federal Reserve said Monday.

The figure came in much higher than market expectations of a $12.3 billion increase.

Consumer credit for June was revised down to an increase of $5.2 billion from a gain of $8.93 billion.

"In July, consumer credit increased at a seasonally adjusted annual rate of 6.0 percent," the Fed said in a statement.

"Revolving credit increased at an annual rate of 9.4 percent, while nonrevolving credit increased at an annual rate of 4.8 percent," it added.