U.S. consumer credit increases more than expected in May
The report said consumer credit climbed by $18.6 billion in May after rising by $13.4 billion in April. Economists had expected credit to increase by about $16.0 billion.
Non-revolving credit such as student loans and car loans jumped by $16.2 billion in May following a $12.1 billion increase in the previous month.
The Fed also said revolving credit, which largely reflects credit card debt, edged up by $2.3 billion in May after inching up by $1.4 billion in April.
Additionally, the report said consumer credit increased by an annual rate of 6.2 percent in May, as non-revolving credit surged up by 7.3 percent and revolving credit climbed by 3.0 percent ■