China Travel & Tourism News
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Growth of U.S. consumer credit slows in May
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| 11-Jul-2006 - people's daily online |
The consumer credit in the United States increased by a 2.4 percent annual rate in May, significantly slower than the 5.2 percent gain in April, the Federal Reserve reported on Monday.
The report showed that loans on credit cards and other types of revolving credit increased by a rate of 9.9 percent in May after a revised smaller gain of 2.9 percent in the previous month.
However, demand for non-revolving debt, a category that includes car loans and loans for boats and recreational vehicles, declined by an annual rate of 2 percent in the month following a gain of 6.5 percent in April.
The total U.S. consumer credit increased to 2.1735 trillion dollars in May, an increase of 4.4 billion dollars compared with the previous month.
The consumer spending accounts for about two-thirds of the U.S. economic activities and is the main force in pushing the economy forward. Economists believe that the U.S. economy is slowing to a more moderate pace in the second quarter as the consumers are cutting spending in other areas facing the soaring gasoline prices
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| 11-Jul-2006 - people's daily online |
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