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Consumer Borrowing in U.S. Increased $16.1 Billion in May

Consumer borrowing in the U.S. climbed in May as an improving labor market and cheap financing costs emboldened Americans to take out auto loans.

The $16.1 billion increase in total credit followed a $21.4 billion gain in the prior month that was more than initially reported, Federal Reserve figures showed Wednesday in Washington. Non-revolving loans, which includes borrowing for tuition and automobiles, picked up from a month earlier, while growth in revolving credit slowed.