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VOL. 129 | NO. 111 | Monday, June 09, 2014

US Consumer Spending Surges in April

MARTIN CRUTSINGER | AP Economics Writer

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WASHINGTON (AP) – Consumers increased their borrowing by a sizable amount in April, with growth in credit card debt rising at the fastest pace in more than 12 years.

The Federal Reserve says that overall credit increased by $26.8 billion in April, up from a gain of $19.5 billion in March. The strong increase is a good sign for the economy, suggesting that consumers are confident enough to boost purchases by borrowing.

The result was fueled by autos and student loans, which rose by $18 billion, and credit card debt, which was up $8.8 billion. The upswing in credit card debt represented a 12.3 percent gain, the fastest pace since a similar increase in November 2001 when consumers were being urged to spend to bolster the economy following the September 11 terrorist attacks.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 415 10,637
MORTGAGES 87 499 13,826
FORECLOSURE NOTICES 19 99 2,743
BUILDING PERMITS 0 915 25,222
BANKRUPTCIES 79 343 10,235
BUSINESS LICENSES 19 97 3,833
UTILITY CONNECTIONS 143 573 15,130
MARRIAGE LICENSES 23 106 3,273

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