After reporting a sharp drop in U.S. consumer credit in the previous month, the Federal Reserve released a report on Wednesday showing consumer credit continued to decline in the month of May.
The Fed consumer credit slumped by $18.2 billion in May after plunging by a revised $70.2 billion in April. Economists had expected credit to decrease by $15.5 billion compared to the $68.7 billion nosedive originally reported for the previous month.
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