U.S. May consumer credit jumps by most in year: WA

U.S. May consumer credit jumps by most in year: WASHINGTON (MarketWatch) — Consumer credit surged in May by the largest amount in a year, the Federal Reserve reported Monday. U.S. consumers increased their debt in May by a seasonally adjusted $19.6 billion, up from a $10.9 billion gain in April. The increase is well above Wall Street expectations of a $12 billion gain. Monthly debt rose at an 8.4% annual rate in May, compared with a 4.6% rate in the prior month. This is the largest percentage increase since a 9.0% gain in May 2012. Credit-card debt jumped $6.6 billion in May, or 9.3%, also the strongest reading in a year. This compared with a 1.1% gain in April. Non-revolving category of debt, such as auto loans, personal loans, and student loans, stayed strong, rising $13.0 billion or 7.9% following a 6.2% gain in April.