Retail investor borrowing ticked up a bit in May, according to new statistics from the Investment Dealers Association.

The IDA reports that outstanding debt in client margin accounts was at almost $9.5 billion, up from $9.3 billion at the end of the prior month. This also marked the first increase in margin debt since November of last year.

Retail borrowing has been on a downward track since last September, when margin debt numbers peaked at almost $11.3 billion, along with much higher equity markets. May’s uptick likely reflects a rebound in markets in the month, too.