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Consumer credits demonstrated in June the most moderate growth for the last 4-year period on the background of reduction of credits for purchase of automobiles and for education.
Seasonally adjusted consumer credits without mortgage debts rose in June by $12.32 billion on a month-over-month basis. Experts forecasted the credits to rise by $16.5 billion.
On a year-over-year basis, credits rose in June by 4.08% which is a minimum growth since July 2012. A meaning for May was revised down to 5.96% versus May 2015.
Renewal credit lines of consumer spending gained in June 0.4%, rising for the third month running. Consumer spending rose in the previous quarter with the slowest paces for the last 12 months. It has put a positive impact on economic growth, despite low corporative and government spending.
Debts on non-renewal credit lines, which include spending for education and a purchase of automobiles, rose in June by 2.07%. It is the slowest growth since August 2011. Growth for May recorded 7.3% which is a yearly maximum.