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Consumer credit growth accelerates sharply in May

EURUSD News by Newsroom on 16:15 July 09, 2018 EST

Consumer borrowing increases $24,6 billion, double what economists have forecast and the fastest pace in six months. This after climbing by an upwardly revised $10.3 billion in April.

The Federal Reserve released a report on Monday showing a much bigger than expected jump in U.S. consumer credit in the month of May with notable increases in both revolving and non-revolving credit.

Economists had expected consumer credit to rise by $12.5 billion versusĀ  the $9.2 billion increase originally reported for the previous month.

U.S. stocks rallied on Monday with the Dow Jones Industrial Average DJIA, +1.34%.