U.S. consumer borrowing rose in May, according to new data from the Federal Reserve.
Outstanding consumer credit, a measure of non-real estate debt, rose by $18.41 billion in May from the prior month, climbing at a 5.78% seasonally adjusted annual rate, the Fed said Monday. Total outstanding credit had increased a revised $12.93 billion in April.
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Economists surveyed by The Wall Street Journal expected a $12 billion increase in May.
Revolving credit outstanding, mostly credit cards, increased at an 8.7% annual pace in May. Nonrevolving credit outstanding, mainly student and auto loans, rose at a 4.7% annual pace.
Household balance sheets have been steadily growing since late 2010.
Personal-consumption expenditures, a measure of household spending on everything from new cars to medical care, increased a seasonally adjusted 0.1% in May from the prior month, the Commerce Department said.
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(END) Dow Jones Newswires
July 10, 2017 15:29 ET (19:29 GMT)