The Federal Reserve’s latest consumer credit report found that credit rose by $19.6 billion to $2,838 trillion in May. This figure was roughly $7 billion higher than the $12.5 billion economists had anticipated.
Revolving credit grew by $6.6 billion to $856.5 billion, while non-revolving credit increased by $13 billion to $1,982 trillion.
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April growth was revised down to $10.8 billion, dropping from the $11.05 billion that had been previously reported.
Read the Fed’s full report here.
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