Consumer credit in the U.S. increased by less than expected in the month of May, according to a report released by the Federal Reserve on Wednesday.
The report said consumer credit rose by $16.1 billion in May following an upwardly revised $21.4 billion jump in April.
Economists had expected consumer credit to climb by $18.5 billion compared to the $20.5 billion increase originally reported for the previous month.
The increase primarily reflected growth in non-revolving credit such as student loans and car loans, which rose by $14.5 billion in May after climbing by $12.9 billion in April.
Revolving credit, which largely reflects credit card debt, showed a more modest $1.6 billion increase in May after rising by $8.5 billion in the previous month.
The Fed also said consumer credit increased by an annual rate of 5.7 percent in May, as non-revolving advanced by 7.0 percent and revolving credit rose by 2.1 percent.
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