US consumer credit posted its weakest growth in eight months in June as Americans reduced credit card debt, a potentially negative sign for an economy that has struggled to create jobs.
Consumer credit grew by $6.46bn (£4.13bn) in June, the Federal Reserve said yesterday, in a reading that was far below economists’ forecasts.
The Fed also said credit climbed slightly less during May than originally thought.
In June, revolving credit, which includes credit cards, shrank by around $3.7bn.
City A.M. Reporter