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 versus 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%.