US Consumer Credit Declined 4.6% In August

According to data released by the Federal Reserve on 7, in August this year, the annual rate of consumer credit in the United States decreased by 4.6%, indicating the economy.

In August, consumer credit in the United States dropped from $2 trillion and 454 billion 400 million in July to $2 trillion and 444 billion 900 million, the first decline since the 10 consecutive month.

Specifically, the annual rate of non revolving credit for education, vacations and purchases of automobiles decreased by 5.2% to 1 trillion and 654 billion 800 million US dollars, and it was used in credit card spending and other aspects of turnover.

Consumer credit reflects US consumer spending.

Personal consumption accounts for about 70% of the gross domestic product of the United States and is the main engine of economic growth.

The decline of consumer credit means that the consumption of American people is more cautious, which will not be conducive to the economy.