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Economic Report: U.S. consumer credit expands at solid pace in May for second straight month

Bloomberg News/Landov
Credit card debt had dropped in two out of four months before strong gains in April and May.

The numbers: Consumer borrowing expanded at a solid pace for the second straight month, according to the Federal Reserve on Monday. Total consumer credit increased $17.1 billion in May after an almost identical gain in the prior month. That’s an annual growth rate of 5%. Economists had been expecting a $17 billion gain, according to Econoday.

What happened: Revolving credit, primarily credit cards, rose 8.2% in May, just a bit above the 7.9% gain in April. Revolving debt had looked weaker at the start of the year, and actually declined in December and March.

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