Consumer credit rose $5.08 billion in May

Reuters

WASHINGTON (Reuters) - U.S. consumer credit rose by another $5.08 billion in May, according to a Federal Reserve report on Friday that suggested a willingness to keep borrowing despite a tight job market.

The May rise, coming after a revised $5.67-billion increase in April, handily topped forecasts by Wall Street economists for a $4-billion increase and marked the eighth straight month of growth in consumer credit.

Continue Reading Below

The total of all consumer credit outstanding in May was $2.432 trillion, up from a total of $2.427 trillion in April.

(Reporting by Glenn Somerville, Editing by Andrea Ricci)