Consumer credit rises slightly less than expected in June

U.S. consumer credit swelled by $7.37B in June, slightly trailing the $7.40B consensus and accelerating from $5.10B in May (revised from $5.13B), according to data released by the Federal Reserve on Thursday.

Total outstanding consumer borrowing of $5.055T edged up from $5.047Tin the prior month. On a seasonally adjusted basis, consumer credit rose at a 2.3% annual rate, with revolving credit increasing 0.7% and nonrevolving credit gaining 2.9%.

Revolving credit, which includes credit card debt, slipped to $1.297T in June from $1.298T in May, the Fed said.