Economic Buzz: US consumer credit growth accelerates

US consumer borrowing increased in July following a sharp rise in non-revolving credit, according to Federal Reserve data released on Tuesday. Total consumer credit outstanding rose by $18.1 billion in July after increasing by a revised $14.6 billion in June. Market estimates had projected an increase of $11.3 billion. The overall level of consumer credit hit around $5.19 trillion. On an annualized basis, consumer credit expanded by 4.2% in July, accelerating from 3.4% in June.

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