Consumer credit rises less than expected in August

Consumer credit in August rose less than expected.

Credit rose by $16 billion, below expectations for a $19.5 billion expansion.

In July, consumer credit rose by $19.1 billion, or 6.7%, on a seasonally adjusted annualized basis to $3.4 trillion.

This was revised lower to show a $18.9 billion increase in consumer credit in July.

More to come ...