CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

U.S. consumer credit rises for 9th straight month in June

08-06-2011 09:38 BJT

WASHINGTON, Aug. 5 (Xinhua) -- U.S. consumer credit increased at an annual rate of 7.7 percent in June, the ninth consecutive monthly growth, offering some relief to a string of weak economic data in recent weeks, reported the Federal Reserve on Friday.

The U.S. central bank said that total borrowing in June rose to 2,446.1 billion U.S. dollars from the revised figure of 2,430.6 billion dollars in May.

The Fed said that demand for revolving credit, the category that includes credit cards, surged 7.9 percent in June. It was the third monthly gain since August 2008, as U.S. consumers have been scaling back on credit card borrowing since the onset of the financial crisis.

In June, the borrowing in the nonrevolving category that includes auto loans rose at an annual rate of 7.6 percent for the 11th straight month.

Consumer spending, which accounts for about 70 percent of the overall economic activity, remains the major drive of the U.S. economy.

Editor:Zhang Pengfei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program