Consumer credit increases in May
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From Times Wire Services
Consumers boosted their borrowing in May, mostly reflecting heavy credit card use.
The Federal Reserve reported that consumer credit increased at an annual rate of 3.6% in May, roughly the same pace as logged in the prior month. The pickup pushed total consumer debt up by $7.8 billion to $2.57 trillion. That was a bit more brisk than the $7 billion over-the-month increase economists had been expecting.
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