According to Federal Reserve data released on Monday, total credit increased by $17.8 billion, following the smallest monthly increase since 2020 in the previous period. This figure surpasses the median forecast of $13 billion from a survey of economists and is not adjusted for inflation.
Non-renewable loans, such as student loans and auto loans, rose $18.5 billion after modest gains in the previous month. Separate data showed that auto sales in June were up from the previous month.
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.