BORROWING UP: U.S. consumers borrowed $17.1 billion more in May, compared to April, the biggest gain since December. The category that includes auto loans and student loans increased $9.1 billion.
CREDIT CARDS: Consumers boosted their borrowing in the category that includes credit cards by $8 billion. That was the biggest gain since November 2007, one month before the start of the Great Recession.
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OUTLOOK: Even with the May increase, credit card use is well below the previous peak. Economists said May’s increase in borrowing was likely a temporary response to weaker hiring and poor wage growth and not a sign of sustained confidence in the economy.
