U.S. consumer borrowing increased in June by more than forecast on the biggest gain in non-revolving credit in eight months, Bloomberg News reported. Total credit rose $17.8 billion on the heels of the smallest monthly increase since 2020 in the prior period, Federal Reserve data showed Monday. The figure, which isn’t adjusted for inflation, exceeded the $13 billion median forecast in a Bloomberg survey of economists. Non-revolving credit, such as loans for school tuition and vehicle purchases, jumped $18.5 billion following a modest advance in the prior month. Auto sales increased in June from a month earlier, according to separate data. The Fed’s survey showed that the value of loans for vehicle purchases increased to a fresh record in the second quarter. Student loans, meanwhile, fell. Revolving credit outstanding, which includes credit cards, decreased $604.5 million, the first decline in more than two years.
