US Consumer Borrowing Slows to 2.4% annual rate in May

Consumer credit increased at an annual rate of 2-1/2 percent in May. Revolving credit increased at an annual rate of 10%, whereas nonrevolving credit decreased at an annual rate of 2%. It marked the seventh consecutive month that consumer borrowing has increased.

Borrowing on credit cards and other categories of revolving debt shot up at an annual rate of 9.9% in May, the biggest surge in this category since a 13.5% increase in October 2004.

The total amount of borrowing rose by $4.4 billion in May to an annual rate of $2.17 trillion. That compared to an increase of $9.34 billion in April. 

US economy grew at an annual rate of 5.6% in the first quarter, the fastest pace in 2 1/2 years and is expected to slow in the 2nd quarter to a growth rate around 2.5% to 3%.

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