Business
US Consumer Borrowing Expanded $20.5 Billion in March
MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON (AP) — Consumers increased their borrowing in March by the largest amount in nearly a year as borrowing on credit cards rebounded following two months of declines.
Consumer borrowing expanded by $20.5 billion in March to a fresh record of $3.36 trillion, the Federal Reserve reported Thursday. It was the largest increase since April 2014.
Borrowing in the category that covers credit cards shot up $4.4 billion to $889.4 billion in March after having fallen in both January and February. It was the biggest gain for consumer credit since last July.
Borrowing in the category that covers auto and student loans rose $16.2 billion to $2.47 trillion.
The jump in borrowing on credit cards could be evidence that consumers are beginning to feel more confident about taking on debt to finance retail purchases, a development that should bolster consumer demand in the months ahead. Consumer spending accounts for 70 percent of economic activity.
Analysts at the Economic Advisory Service noted in a research note that March marked a second strong month of consumer credit gains. But even with rising credit card debt, the category is still 8.6 percent below the all-time high it hit in July 2008.
Consumer spending growth slowed sharply in the January-March quarter, a big factor in the slowdown in overall growth. The economy eked out a tiny 0.2 percent increase in gross domestic product in the first quarter.
Economists believe GDP growth will rebound to 2 percent to 2.5 percent in the current April-June period and will climb to an even better 3 percent rate in the second half of the year. But those forecasts are heavily dependent on a solid rebound in consumer spending.
Consumer borrowing in the Fed’s monthly report is up 6.9 percent from a year ago, a gain heavily influenced by the rise in the auto and student loan category. Growth in the category that covers credit cards has also accelerated in the past year.
The Fed’s monthly credit report does not cover mortgages or other loans backed by real estate such as home equity loans.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Activism
Oakland Post: Week of November 13 – 19, 2024
The printed Weekly Edition of the Oakland Post: Week of November 13 – 19, 2024
To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
Activism
LIVE! — TOWN HALL ON RACISM AND ITS IMPACT — THURS. 11.14.24 5PM PST
Join us for a LIVE Virtual Town Hall on the Impact of Racism hosted by Post News Group Journalist Carla Thomas and featuring Oakland, CA NAACP President Cynthia Adams & other Special Guests.
Thursday, November 14, 2024, 5 p.m. – 6:30 p.m. PST
Join us for a LIVE Virtual Town Hall on the Impact of Racism hosted by Post News Group Journalist Carla Thomas and featuring Oakland, CA NAACP President Cynthia Adams & other Special Guests.
Thursday, November 14, 2024
5 p.m. – 6:30 p.m. PST
Discussion Topics:
• Since the pandemic, what battles have the NAACP fought nationally, and how have they impacted us locally?
• What trends are you seeing concerning Racism? Is it more covert or overt?
• What are the top 5 issues resulting from racism in our communities?
• How do racial and other types of discrimination impact local communities?
• What are the most effective ways our community can combat racism and hate?
Your questions and comments will be shared LIVE with the moderators and viewers during the broadcast.
STREAMED LIVE!
FACEBOOK: facebook.com/PostNewsGroup
YOUTUBE: youtube.com/blackpressusatv
X: twitter.com/blackpressusa
Activism
Oakland Post: Week of November 6 – 12, 2024
The printed Weekly Edition of the Oakland Post: Week of November 6 – 12, 2024
To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
-
Alameda County3 weeks ago
Alameda County District Attorney Pamela Price Announces $7.5 Million Settlement Agreement with Walmart
-
Activism3 weeks ago
‘Jim Crow Was and Remains Real in Alameda County (and) It Is What We Are Challenging and Trying to Fix Every Day,’ Says D.A. Pamela Price
-
Bay Area3 weeks ago
In the City Attorney Race, Ryan Richardson Is Better for Oakland
-
Activism3 weeks ago
Oakland Post: Week of October 30 – November 5, 2024
-
Alameda County2 weeks ago
D.A. Price Charges Coliseum Flea Market Vendors in Organized Retail Theft Case
-
Activism3 weeks ago
‘Criminal Justice Reform Is the Signature Civil Rights Issue of Our Time,’ says D.A. Pamela Price
-
Activism3 weeks ago
“Two things can be true at once.” An Afro-Latina Voter Weighs in on Identity and Politics
-
Arts and Culture3 weeks ago
MacArthur Fellow Jericho Brown’s Poetry Reflects Contemporary Culture and Identity