Newspaper article St Louis Post-Dispatch (MO)

Consumer Borrowing Increases Jumped Again in May

Newspaper article St Louis Post-Dispatch (MO)

Consumer Borrowing Increases Jumped Again in May

Article excerpt

WASHINGTON * Consumers increased their borrowing in May, with use of credit cards and the category that covers student and auto loans both showing gains.

The Federal Reserve reported Friday that total borrowing increased by $18.6 billion in May, up from a gain of $13.4 billion in April. It was the largest since a surge of $29.4 billion in March, which had been the biggest monthly increase on record.

Borrowing in the auto and student loan category climbed $16.2 billion. Borrowing in the category that covers credit cards rose $2.4 billion.

The May gain pushed total consumer credit to a record of $3.62 trillion.

Consumer spending, which accounts for 70 percent of economic activity, is expected to accelerate in the current April-June period, helping boost the overall economy. …

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