U.S. Consumer Credit Rises Less Than Expected In May

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.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT