Washington, Sep 10 (IANS): US consumer credit grew at an annual rate of 4.4 percent in July, as the growth pace slowed down from 5.1 percent in the previous month, the US Federal Reserve has said.
Total consumer borrowing rose from a revised $2.8417 trillion in June to a seasonally adjusted $2.8521 trillion in July, Xinhua quoted the Federal Reserve as saying Monday.
Revolving debt,including credit cards, edged down to $849.8 billion in July, down 2.6 percent at an annual rate from the revised figure in June, the second consecutive monthly decline.
Borrowing in the non-revolving category that includes auto and student loans, rose at an annual rate of 7.4 percent to $2.0023 trillion.
Consumer spending, which accounts for about 70 percent of the overall US economic activity, was the major engine of its economic growth. A rise in consumer credit indicated consumers boosted their borrowing on spending.