Consumer credit increased by $18.5 billion in May to $3.842 trillion, the Federal Reserve reported Monday.

In April, consumer credit rose a revised $12.9 billion to $3.824 trillion, first reported as a $8.2 billion gain to $3.821 trillion.

Economists polled by IFR Markets predicted a $12.7 billion increase in the month.

Revolving credit outstanding in May rose $7.3 billion to $1.019 trillion from $1.011 trillion the previous month.

Non-revolving credit rose $11.0 billion to $2.824 trillion from $2.813 trillion.

Revolving credit includes credit card debt. Non-revolving debt includes automobile loans, loans for mobile homes, education, boats, trailers, or vacations.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.