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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (92622)	7/8/2002 4:43:22 PM
From: Softechie	Respond to of 99280

Consumer Credit Grew at 6.8% Annual Rate in May, Rising $9.5 Billion 08 Jul 15:24 By Deborah Lagomarsino Dow Jones Newswires WASHINGTON -- U.S. consumers increased their outstanding borrowing in May at a faster pace than in April, the Federal Reserve said. Consumer credit outstanding rose $9.5 billion in May, its biggest jump since November, to $1.706 trillion, a 6.8% annual growth rate. That followed a revised $8.6 billion rise in April, a 6.1% annual growth rate, which was initially reported up $8.8 billion. The May consumer-credit gain was larger than what Wall Street had expected. Analysts had expected consumer-debt growth to slow in May given that retail sales fell that month. Consumer credit was forecast to rise $6 billion in May. Consumer-credit data tend to be highly volatile from month to month and are frequently revised. May's increase was led by a $7.1 billion jump in non-revolving credit, its biggest jump since December. Non-revolving credit includes all loans not part of revolving credit -- such as those for automobiles, motor homes, education, boats, trailers or vacations. Non-revolving credit rose by a revised $4.2 billion in April. Revolving credit, such as credit cards, rose $2.4 billion in May, its smallest gain since February, after rising a revised $4.4 billion in April. In the first quarter of 2002, the last quarter for which data is available, overall outstanding consumer credit grew at a 4.5% annual pace, down from 9% in the fourth quarter. -By Deborah Lagomarsino, Dow Jones Newswires; 202-862-9255; deborah.lagomarsino@dowjones.com Copyright (c) 2002 Dow Jones & Company, Inc. All Rights