Revolving Credit Subdued, Nonrevolving Credit Growth Steady And Substantial

Employment is strong and consumers are not running up their credit cards as growth in revolving credit remains subdued, rising $1.3 billion in July after dipping $1.2 billion in June. Growth in nonrevolving credit, reflecting demand for both vehicle financing and student loans, remains steady and substantial, at $15.4 billion vs June's $9.6 billion. Total consumer credit outstanding rose $16.6 billion vs Econoday's consensus for $13.9 billion and compared with June's downward revised $8.5 billion.