» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 129 | NO. 111 | Monday, June 09, 2014

US Consumer Spending Surges in April

MARTIN CRUTSINGER | AP Economics Writer

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 52 119 1,083
MORTGAGES 85 163 1,482
FORECLOSURE NOTICES 11 27 324
BUILDING PERMITS 196 368 2,358
BANKRUPTCIES 55 113 1,056
BUSINESS LICENSES 28 60 454
UTILITY CONNECTIONS 65 148 1,473
MARRIAGE LICENSES 14 30 224

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.