WASHINGTON, Sept. 9 (Xinhua) -- U.S. consumer credit increased at an annual rate of 4.4 percent in July, as the growth pace slowed down from 5.1 percent in the prior month, the U.S. Federal Reserve reported on Monday.
Total consumer borrowing rose from a revised 2.8417 trillion U. S. dollars in June to a seasonally adjusted 2.8521 trillion dollars in July.
Revolving debt, the type which includes credit cards, edged down to 849.8 billion dollars in July, down 2.6 percent at an annual rate from the revised figure in June, the second consecutive monthly decline.
The borrowing in the non-revolving category that includes auto and student loans, rose at an annual rate of 7.4 percent to 2.0023 trillion dollars.
Consumer spending, which accounts for about 70 percent of the overall U.S. economic activity, was the major engine of U.S. economic growth. A rise in consumer credit indicated consumers boosted their borrowing on spending.