Rate of Consumer Borrowing Up in May
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WASHINGTON — Americans took out $3.6 billion more in consumer debt than they repaid in May as the pace of borrowing turned upward again, the government reported Friday.
The Federal Reserve Board said consumer credit in May rose at a seasonally adjusted annual rate of 6.2%, up from the 4.3% pace of the previous month. Still, it was a smaller rise than the gains of 6.6% in March and 9.5% in February.
Consumer spending, which is closely watched as a barometer of the economy’s health since it represents two-thirds of overall economic activity, had increased 8.5% during 1988.
Cynthia Latta, an economist with Data Resources Inc. in Lexington, Mass., said the report suggests consumer confidence.
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