As economy reopened, US consumer borrowing surged in May
WASHINGTON (AP) – U.S. consumer borrowing surged by $35.3 billion in May as Americans went back to using credit in a big way.
The Federal Reserve reported Thursday that the May increase marked the fourth straight month of strong growth in consumer borrowing that has been bolstered by a reopening economy and rising job levels.
The May borrowing total reflected a $26.1 billion increase in the category that includes auto and student loans. The category that covers credit cards saw a $9.2 billion rise in May, the strongest advance since a $10.9 billion advance in January 2020, before the economy was laid low by a global pandemic.