U.S. Consumer Credit Growth Exceeds Estimates In May

(RTTNews) - Consumer credit in the U.S. increased by more than expected in the month of May, according to a report released by the Federal Reserve on Monday, with the report showing notable growth in both revolving and non-revolving credit.

The report said consumer credit jumped by $19.6 billion in May after rising by a downwardly revised $10.9 billion in April.

Economists had expected credit to rise by $13.0 billion compared to the $11.1 billion increase originally reported for the previous month.

Non-revolving credit such as student loans and car loans increased by $13 billion in May following a $10 billion increase in April.

Additionally, revolving credit, which largely reflects credit card debt, rose by $6.6 billion in May after edging up by $0.8 billion in the previous month.

The Fed also said consumer credit rose by an annual rate of 8.3 percent in May, as non-revolving credit increased by 7.9 percent and revolving credit jumped by 9.3 percent.