US consumer borrowing increased by $11.4bn in May, primarily driven by credit card balances.
US consumer borrowing increased by $11.4bn in May, the most in three months, driven by a rise in credit card balances. Total credit outstanding rose after a revised $6.5bn gain in April, according to Federal Reserve data. Revolving credit, which includes credit cards, advanced by $7bn, while non-revolving credit, such as vehicle and school loans, increased by $4.3bn. The figures aren't adjusted for inflation.
July 08, 2024
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