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Consumer credit

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WASHINGTON: US consumer installment credit rose $9.62 billion in June at a 12 percent annual rate, the Federal Reserve said on Monday, down from a revised $13.07 billion rise in May at a 16.6 percent annual rate.

It was the smallest monthly rise in four months, since a $4.71 billion increase in February, but it was the 25th month in a row in which total outstanding consumer credit expanded.

Previously, the Fed said May credit outstanding had risen by a smaller $11.51 billion at a 14.6 percent rate.

Growth was slower in June than in May for every major category of credit.

Auto credit outstanding rose in June by $2.98 billion at a 10.9 percent annual rate, down from May's rise of $3.89 billion at a 14.4 percent rate.

Revolving or credit-card debt in June rose by $6.04 billion at a 19.7 percent annual rate, compared with a $7.46 billion May advance at a 24.9 percent rate.

Other credit, which includes consumer bank loans but not real estate mortgages, grew by $604 million at a 2.8 percent annual rate, lower than the $1.72 billion or 7.9 percent May increase, the Fed said.

Before seasonal adjustment, total outstanding consumer credit in June was $961.6 billion, up from $949.8 billion in May and $836.9 billion in June 1994.-Reuter