US July consumer credit +$19.1 billion vs +$18.60 billion expected

US consumer credit outstanding data from the Fed:

• June data showed consumer credit up $20.74 billion
• Revolving credit up $4.32B vs $7.51B prior
• Non-revolving credit up $14.78B vs $19.51B prior

Car and student loan growth, which is the bulk of non-revolving credit, has been driving consumer credit for years. Paradoxically, the mountain of student debt hanging over young Americans will sap consumer spending for a decade.