🇺🇸 U.S. Consumer Borrowing Slows Sharply in August, Raising Economic Concerns
U.S. consumer credit increased by just $363 million in August, the slowest pace in six months and dramatically below the expected $14 billion rise. This follows a strong $18.1 billion gain in July, marking a sharp deceleration.
The slowdown was driven by a $6 billion decline in revolving credit (primarily credit cards), the second largest drop in more than four years. Meanwhile, non revolving credit (such as auto and student loans) rose by $6.3 billion.
At the same time, the average interest rate on credit cards su
U.S. consumer credit increased by just $363 million in August, the slowest pace in six months and dramatically below the expected $14 billion rise. This follows a strong $18.1 billion gain in July, marking a sharp deceleration.
The slowdown was driven by a $6 billion decline in revolving credit (primarily credit cards), the second largest drop in more than four years. Meanwhile, non revolving credit (such as auto and student loans) rose by $6.3 billion.
At the same time, the average interest rate on credit cards su
