According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, U.S. consumer credit outstanding rose at an annualized rate in July to 6.2%, slowing from the 10.2% gain in June. Revolving credit, which includes credit cards and other credit lines, jumped 11.6% in July. Revolving credit has risen 14.3% over the past 12 months.
Meanwhile, nonrevolving credit, which includes auto and student loans, increased 4.4% in July, slowing from 16.8% growth in June. On a YoY basis, nonrevolving credit has increased 5.7%. Overall, U.S. consumer credit outstanding has risen 7.7% over the past 12 months