Greg Robb of MarketWatch reports that figures show the biggest gain in borrowing in three months. He writes:
The numbers: Total consumer credit rose $11.3 billion in May, up from a $6.5 billion gain in the prior month, the Federal Reserve said Monday.
Economists had been expecting a $8 billion gain, according to a Wall Street Journal survey.
The rise in May translates into a 2.7% annual rate, stronger than the 1.5% rise in the prior month. […]
Recent data has shown the economy is softening in the second quarter. The Atlanta Fed’s GDPNow gauge projects the economy will grow at a 1.5% rate in the second quarter. That’s down from earlier estimates above 3%.
The economy grew at a 1.4% rate in the first three months of the year. The government will release its initial estimate of second-quarter GDP on July 25.
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