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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 This material may not be published, broadcast, rewritten or redistributed.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 144 403 6,388
MORTGAGES 172 553 8,037
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 267 767 14,490
BANKRUPTCIES 63 246 5,388
BUSINESS LICENSES 25 106 2,380
UTILITY CONNECTIONS 66 426 7,688
MARRIAGE LICENSES 18 104 1,636

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