NEW YORK (CNN/Money) - U.S. consumers took on debt at a slower pace in June, the Federal Reserve said Wednesday, though the level of debt still exceeded analysts' expectations.

The Fed said consumer credit grew by $8.4 billion to a seasonally adjusted $1.713 trillion in June, compared with $9.5 billion of growth in May. Economists expected credit to grow by $8 billion in June, according to Briefing.com.

For the entire second quarter of 2002, credit grew at a 6.3 percent annual rate, compared with a 4.6 percent rate in the first quarter.

That's a hopeful sign for the strength of consumer spending, which makes up two-thirds of the total U.S. economy. But the Fed report did not include data from July, when a broad stock selloff hurt household wealth. A growing number of economists worry that another slump into economic weakness could lead to more job cuts and a tightening of credit standards for individuals.

Fed policy makers meet next Tuesday to discuss the central bank's target for short-term interest rates. The Fed raises short-term rates to increase the cost of borrowing and slow down the economy, and it cuts rates when it wants to stimulate the economy.

Most economists doubt the Fed will cut rates, which are already at historic lows, next week, and some doubt such a cut would do any good anyway. But the possibility of another cut has been raised by recent weaker-than-expected economic data.

In the Fed report, revolving credit, which includes credit cards, rose $3.8 billion after gaining $2.4 billion in May. Nonrevolving credit, which includes auto and student loans, rose $4.5 billion after gaining $7.1 billion in May.