Klaus Vedfelt/DigitalVision via Getty Images
U.S. consumer borrowing grew by $11.35B in May, surpassing the $10.70B expected and accelerating from $6.49B in April, which was revised up from $6.40B, the Federal Reserve said on Monday.
Total outstanding consumer borrowing of $5.06T advanced from $5.05T in the previous month. On a seasonally adjusted basis, consumer credit increased at a 2.7% annual rate, with revolving credit and nonrevolving credit rising 6.3% and 1.4%, respectively.
Revolving credit, which includes credit card debt, advanced to $1,345.1B from $1,338.1B in April.
Nonrevolving credit, which consists of auto and student debt, rose to $3,719.6B from $3,715.2B, the Fed said.