Washington, Oct 6 (IANS): US consumer credit increased at an annual rate of 8 percent in August, following an unexpected decline in July, the US Federal Reserve announced.
Total consumer borrowing rose from a revised $2.70 trillion in July to $2.72 trillion dollars in August, the central bank said in a report Friday.
Revolving debt, which includes credit cards, rose to $854.9 billion in August from a revised $850.7 billion in July, representing an annual growth rate of 5.9 percent, reported Xinhua.
In August, borrowing in the non-revolving category, which includes auto and students loans, rose at an annual rate of 9 percent to $1.87 trillion.
Consumer spending, which accounts for about 70 percent of the overall US economic activity, was a major engine of the US economic growth.