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U.S. consumer credit remains strong in May
WASHINGTON (MarketWatch) -- U.S. consumer credit growth remained strong in May but not at the fast pace seen in April, the Federal Reserve reported Tuesday. U.S. consumers increased their debt in May by a seasonally adjusted $19.6 billion, down from a revised $26.1 billion gain in the prior month. This was close to the market consensus. Monthly debt rose at a 7.4% annual rate in May, compared with a 10.0% rate in the prior month, which was the strongest rate since July 2011. Non-revolving category of debt, especially federal student loans, stayed strong, rising $17.8 billion or 9.3% in May, the third straight month of a 9% gain. Credit-card debt increased $1.8 billion or 2.5% after a surge of $8.8 billion, or 12.3% in the prior month. That gain in April was the highest annual rate of credit-card debt since November 2001.