Economic Report: Consumer credit grows $20.1 billion in August, fastest pace in three months

Bloomberg News/Landov
A customer uses a chip credit card terminal at a Wal-Mart Stores Inc. location in Burbank, Calif.

The numbers: Consumer borrowing picked up in August, according to the Federal Reserve on Friday. Total consumer credit increased $20.1 billion in August to a seasonally adjusted $3.94 trillion. That’s an annual growth rate of 6.2%. Economists had been expecting a $15 billion gain, according to Econoday.

What happened: Revolving credit, like credit cards, rose 5.6% in August after two sluggish months. Nonrevolving credit, typically auto and student loans, rose 6.4% in August, the same pace as July. The data does not include mortgage debt.

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