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jueves, 1 de agosto de 2013

U.S. May consumer credit jumps by most in year


WASHINGTON (MarketWatch)
Consumer credit surged in May by the largest amount in a year, the Federal Reserve reported  U.S. consumers increased their debt in May by a seasonally adjusted $19.6 billion, up from a $10.9 billion gain in April
The increase is well above Wall Street expectations of a $12 billion gain
Monthly debt rose at an 8.4% annual rate in May, compared with a 4.6% rate in the prior month
This is the largest percentage increase since a 9.0% gain in May 2012
Credit-card debt jumped $6.6 billion in May, or 9.3%, also the strongest reading in a year
This compared with a 1.1% gain in April
Non-revolving category of debt, such as auto loans, personal loans, and student loans, stayed strong, rising $13.0 billion or 7.9% following a 6.2% gain in April

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El Genio dijo...

May consumer credit jumps on credit-card use
Consumer credit up $19.6 billion, largest in a year

El Genio dijo...

WASHINGTON (MarketWatch) — U.S. consumer credit surged in May on a surprise increase in credit-card use.

U.S. consumers increased their debt by a seasonally adjusted $19.6 billion in May, up from a $10.9 billion gain in April, the Federal Reserve said.

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The gain was broad-based and was well above Wall Street expectations of a $12 billion gain.

“I think now, with the recovery strengthening and the outlook brighter, people are feeling a bit more confident and are willing to spend a bit more than they were a couple of months back,” said Kim Fraser, senior economist at BBVA Compass.

Monthly debt rose at an 8.4% annual rate in May, compared with a 4.6% rise in the prior month. This is the largest percentage gain since a 9.0% gain in May 2012.

Credit-card debt jumped $6.6 billion in May, or 9.3%, also the strongest reading in a year. This was up from a 1.1% gain in April.

Analysts had expected credit-card use to remain flat in May.

Credit-card debt has been lagging. It has only increased $15.8 billion between its post-recession peak and April, noted Cooper Howes, an economist at Barclays.


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Shoppers walk on Colorado Street in Old Town on May 28, 2013 in Pasadena, California.
If the upward trend continues, it would signal an upturn in consumer spending, said Gennadiy Goldberg, an economist with TD Securities in New York.

Non-revolving debt, such as auto loans, personal loans and student loans, stayed strong, rising $13.0 billion, or 7.9%, following a 6.2% gain in April.

Goldberg said that auto sales were particularly strong in May. Student loans have been driving non-revolving debt higher.

Total consumer credit has grown at a 5.5%-6% rate over the past year, noted Daniel Silver, an economist at J.P. Morgan Chase.

This is about the same pace as the growth of nominal consumer spending on durable goods, he said