US consumer credit rises $8.93B in June: Fed

ISTANBUL

US consumer credit rose around $8.93 billion in June compared to the previous month to reach almost $5.1 trillion, the Federal Reserve said Wednesday.

The figure came in much lower than market expectations of a $9.8 billion increase.

Consumer credit showed a gain of $13.95 billion in May.

"Consumer credit increased at a seasonally adjusted annual rate of 2.4 percent during the second quarter," the Fed said in a statement.

"Revolving credit increased at an annual rate of 1.2 percent, while nonrevolving credit increased at an annual rate of 2.9 percent," it added. "In June, consumer credit increased at an annual rate of 2.1 percent."