Consumer credit posts tepid growth in June

U.S. consumer credit posted its weakest growth in eight months in June as Americans reduced credit card debt, a potentially negative sign for an economy that has struggled to create jobs.

Consumer credit grew by $6.46 billion in June, the Federal Reserve said on Tuesday. That was well below the $11 billion advance Wall Street economists had forecast in a Reuters poll.

The Fed also said credit climbed slightly less during May than originally thought.

Credit has been expanding since late 2010 as the country recovered from the 2007-09 recession and on Monday the Fed said a number of banks eased loan standards on auto and credit card loans over the last three months.

In June, however, the overall expansion of consumer credit was the smallest since October 2011.

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- Posted: 2012-08-07 17:51:56

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