Consumer borrowing beats expectations in May

July 8, 2016 7:05 PM

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Total outstanding consumer credit, excluding mortgages, rose by $18.6 billion, the Federal Reserve said Friday, the fifth straight monthly double-digit increases. It's also more than the $16 billion forecast by economists in a Bloomberg survey.

Revolving credit, mostly credit card spending, increased $2.3 billion, above the $1.7 billion added in April but well below March's $11 billion rise. Such credit has increased by $48.8 billion, or 5.4%, over the past year, says Contingent Macro Research.That's a positive development because American...

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