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Economic Report: Consumer credit growth accelerates sharply in May

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A shopper walking in the Union Square district in San Francisco.

The numbers: Consumer borrowing picked up in May, according to the Federal Reserve on Monday. Total consumer credit increased $24.6 billion in May to a seasonally adjusted $3.9 trillion. That’s an annual growth rate of 7.6%. This is the fastest pace of credit growth since November. Economists has been expecting a $12.4 billion gain, according to Econoday. Credit grew a revised $10.3 billion in April, up from the prior estimate of $9.3 billion.

What happened: Revolving credit, like credit cards, surged in May, rising by 11.4% after a 1.3% gain in April.

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