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Economic indicators

Consumer credit surges in May

By   Chip Barnett
About Chip
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July 09, 2018, 3:12 p.m. EDT 1 Min Read

Consumer credit rose $24.56 billion in May to $3.898 trillion, the Federal Reserve reported Monday.

In April, consumer credit increased a revised $10.27 billion from the originally reported gain of $9.26 billion.

The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Tuesday, Jan. 27, 2015. The Federal Reserve Board joins with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in pushing for higher capital requirements for large banks.
The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S., on Tuesday, Jan. 27, 2015. The Federal Reserve Board joins with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in pushing for higher capital requirements for large banks.

Economists polled by IFR Markets had predicted a $12.5 billion increase for the month.

Revolving credit outstanding in May grew $9.8 billion to $1.039 trillion from $1.029 trillion the previous month.

Non-revolving credit rose $14.8 billion to $2.858 trillion from $2.844 trillion.

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

Chip Barnett
Reporter, The Bond Buyer
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