THE ECONOMY
From Times Staff and Wire Reports
Consumer Credit Up $10.4 Billion: Americans’ credit card purchases increased for the 14th consecutive month in May, bringing installment credit to a seasonally adjusted $837.701 billion after an increase of $10.115 billion in April, the Federal Reserve said. The annual rate of borrowing was 15.1% in May, up from 14.9% in April. The figures are based on benchmark revisions on statistics from 1989 to 1994. Although monthly increases are larger than before as a result of the revisions, the trend in borrowing hasn’t changed.
