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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 This material may not be published, broadcast, rewritten or redistributed.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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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