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US consumer borrowing up $17.5 billion in April

By MARTIN CRUTSINGERJune 7, 2019
FILE - In this Feb. 20, 2019, file logos for credit cards are visible on the cards in Zelienople, Pa. On Friday, June 7, the Federal Reserve releases its April report on consumer borrowing. (AP Photo/Keith Srakocic, File)
FILE - In this Feb. 20, 2019, file logos for credit cards are visible on the cards in Zelienople, Pa. On Friday, June 7, the Federal Reserve releases its April report on consumer borrowing. (AP Photo/Keith Srakocic, File)

WASHINGTON (AP) — Consumer borrowing accelerated in April to the fastest pace in five months as a rebound in credit card usage offset slower demand for auto and student loans.

The Federal Reserve says borrowing increased by $17.5 billion. That is up from March’s $11 billion advance and marks the biggest jump since a $21.7 billion increase last November.

Borrowing on credit cards increased by $7 billion after having fallen by $2 billion in March. Borrowing for auto and student loans slowed to an increase of $10.5 billion, down from $13 billion in March. It is the smallest advance since last June.

Consumer credit is a key indicator of the willingness of households to increase borrowing to support consumer spending, which accounts for 70% of economic activity.

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