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

(RTTNews) - A report released by the Federal Reserve on Monday showed consumer credit in the U.S. increased by more than expected in the month of May.

The Fed said consumer credit surged up by $17.1 billion in May after jumping by $17.5 billion in April. Economists had expected consumer credit to climb by $16.7 billion.

The bigger than expected increase in consumer credit reflected notable growth in both revolving and non-revolving credit.

Revolving credit, which largely reflects credit card debt, rose by $7.2 billion, while non-revolving credit, such as student loans and car loans, climbed by $9.9 billion.

Compared to the same month a year ago, consumer credit in May was up by 5.0 percent, as revolving credit spiked by 8.2 percent and non-revolving credit rose by 3.9 percent.