U.S. Consumer Credit Rises Nearly In Line With Estimates In May

(RTTNews) - Consumer credit in the U.S. increased roughly in line with economist estimates in the month of May, according to a report released by the Federal Reserve on Tuesday.

The Fed said consumer credit increased by $19.6 billion in May after surging up by a revised $26.1 billion in April.

Economists had expected credit to increase by about $20.0 billion compared to the $26.8 billion jump originally reported for the previous month.

The increase in consumer credit was partly due to continued growth in non-revolving credit such as student loans and car loans, which rose by $17.8 billion in May after rising by $17.3 billion in April.

Revolving credit, which largely reflects credit card debt, showed a more modest $1.8 increase in May after climbing by $8.9 billion in the previous month.

The Fed also said consumer credit rose by an annual rate of 7.2 percent in May, as non-revolving credit jumped by 9.3 percent and revolving credit edged up by 2.5 percent.