As economy reopened, US consumer borrowing surged in May | www.WDIO.com

As economy reopened, US consumer borrowing surged in May

U.S. consumer borrowing surged in May. U.S. consumer borrowing surged in May. |  Photo: WDIO-TV/File

MARTIN CRUTSINGER
Created: July 08, 2021 03:41 PM

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.

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MARTIN CRUTSINGER

Copyright 2021 The Associated Press. All rights reserved.

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