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Economic Report: Consumer-credit growth sputters in June

Bloomberg

Car loans were seen as the culprit for the slowdown in consumer credit in June.

WASHINGTON (MarketWatch)—Consumer borrowing rose at the slowest pace in almost four years in June, suggesting the torrid pace of consumer spending in the second quarter may not last.

Total consumer credit increased $12.3 billion in June to a seasonally adjusted $3.6 trillion, posting an annual growth rate of 4.1%, the Federal Reserve reported Friday.

That is the slowest monthly growth rate since July 2012,

The increase was also below economist estimates for a $15.5 billion gain in consumer credit in June.

Economists are watching the consumer closely as they expect spending to drive growth over the second half of 2016, helped by rising wages and real incomes.

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