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US consumer borrowing slows in June

U.S. consumer credit rose at a seasonally adjusted rate of 3.9% in June compared to the same period of last year, but down from the revised 5.7% rate of annual expansion recorded in May, the Federal Reserve reported.

Total outstanding consumer credit grew by $12.40 billion in June, lower than the $18.28 billion increase in the previous month.

Non-revolving credit rose by $8.27 billion in June after growing by $11.41 billion in May, and revolving credit increased by $4.13 billion after climbing by $6.87 billion.

Non-revolving credit increased at an annual rate of 3.5%, while revolving credit rose at an annual rate of 4.9%.