empty
 
 

2018.07.0915:19:00UTC+00U.S. Consumer Credit Spikes Much More Than Expected In May

Reflecting notable increases in both revolving and non-revolving credit, the Federal Reserve released a report on Monday showing a much bigger than expected jump in U.S. consumer credit in the month of May.

The Fed said consumer credit surged up by $24.6 billion in May after climbing by an upwardly revised $10.3 billion in April.

Economists had expected consumer credit to rise by $12.5 billion compared to the $9.2 billion increase originally reported for the previous month.

The report said revolving credit, which largely reflects credit card debt, climbed by $9.7 billion in May after edging up by $1.1 billion in April.

Non-revolving credit such as student loans and car loans also spiked by $14.8 billion in May following a $9.2 billion increase in the previous month.

Consumer credit jumped by an annual rate of 7.6 percent in May, as revolving credit soared by 11.4 percent and non-revolving credit surged up by 6.2 percent.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback