WASHINGTON (7/9/13)--U.S. consumer credit in May surged by the biggest amount in a year, and borrowing in all areas at credit unions also increased, according to the Federal Reserve's Consumer Credit report released Monday.
Overall borrowing increased $19.6 billion--following a $10.9 billion gain in April--to reach nearly $2.84 trillion, seasonally adjusted.
Total revolving debt hit $856.5 billion--a $6.6 billion gain from 849.9 billion in April. Total nonrevolving debt--which comprises student and auto loans but not real estate loans--increased $13 billion to nearly $1.93 trillion in May.
At credit unions, members borrowed $252.8 billion in May, up from $251.2 billion in April and $231.2 billion at the end of the second quarter, not seasonally adjusted.
Revolving data show that credit union members borrowed $39.9 billion in May, up from $39.5 billion in April and $37.4 billion at the end of the second quarter.
Nonrevolving debt at credit unions hit $212.9 billion in May, up from $211.8 billion in April and $193.8 billion at the end of the second quarter.
WASHINGTON (7/9/13)--A recent dip in the U.S. foreign trade balance may impact the second-quarter gross domestic product (GDP) growth, a Credit Union National Association economist told The Washington Post Wednesday.
"The slight worsening of the balance of trade suggests our economy is growing faster than those of our trading partners," Bill Hampel, CUNA chief economist, told the Post in the article, "Drop in inventory sends U.S. crude oil prices over $100 a barrel," by Steven Mufson and Katerina Sokou.
The decline in exports may have a minor negative impact on second-quarter GDP growth this year or "at best have a neutral effect," he added.
U.S. imports rose to $232.1 billion in May--second only to record-level $234.3 billion in March 2012, the Post said.
Also, U.S. exports dropped 0.3%, to $187.1 billion in May from $187.6 billion in April, a decline prompted by economic weakness abroad, analysts said.