US consumer credit rises at slowest pace in 7 months

ANKARA

US consumer credit rose at a seasonally adjusted annual rate of 4% in August, marking its slowest pace since January, according to Federal Reserve figures released Thursday.

Total outstanding consumer credit neared $4.35 trillion in August, an increase of $14.38 billion from the previous month.

More than $1 trillion was in revolving credit, the figures showed.

While the market estimate was a $17.5 billion increase on a monthly basis, consumer credit rose $17.27 billion in July.