Economics
U.S. Consumer Borrowing Jumped by Most on Record in May
This article is for subscribers only.
U.S. consumer credit surged in May by the most on record, reflecting a jump in non-revolving loans that underscores solid household spending.
Total credit climbed $35.3 billion from the prior month after an upwardly revised $20 billion gain in April, Federal Reserve figures showed Thursday. On an annualized basis, borrowing rose 10% in May. Economists in a Bloomberg survey had called for a $18 billion gain.