US Consumer Spending Surges In April
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.
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