U.S. Consumer Credit Increases More Than Expected In May

(RTTNews) - Consumer credit in the U.S. increased by more than anticipated in the month of May, according to a report released by the Federal Reserve on Friday.

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