U.S. consumer borrowing increased by a seasonally adjusted $16.64 billion in July, exceeding market expectations, as non-revolving credit grew by the most in eight months, the latest data from the Federal Reserve showed.
Total outstanding consumer credit in July came in at $3.918 trillion, up from a revised $3.901 trillion in June. Econoday projected consumer credit to grow by only $13.9 billion.
Non-revolving credit, which includes auto and student loans, rose by $15.39 billion in July to $2.881 trillion. It was the largest increase since November 2017, when non-revolving credit climbed by $17.85 billion.
Revolving credit, which includes credit card debt, grew by $1.25 billion to $1.037 trillion in July, following a decline of $1.73 billion in June.