Page 7 - ARUBA TODAY
P. 7
U.S. NEWS A7
Saturday 6 June 2015
US Financial Front:
American consumer borrowing up $20.5 billion in April
Jazmin Donati, left, hands a customer his credit card after mak- card borrowing in a year. sumers, who have seen cent to 2.5 percent in the
ing a sale at Panther Coffee, in Miami. The Federal Reserve re- Consumer borrowing ex- strong job gains over the second quarter, helped by
leased its April report on consumer borrowing on Friday, June panded by $20.5 billion in past year, will keep bor- stronger consumer spend-
5, 2015. April, the Federal Reserve rowing and spending in ing. The expectation is
reported Friday. That was coming months, helping that consumer spending
(AP Photo/Lynne Sladky) down only slightly from to boost overall economic will be supported in com-
a gain of $21.3 billion in growth. ing months by continued
M. CRUTSINGER sumer borrowing surged March which was the big- The overall economy went strong growth in employ-
gest increase in eight into reverse during the ment.
AP Economics Writer again in April, helped by months. The strong gains January-March quarter, The Fed’s monthly consum-
pushed consumer credit to reflecting the adverse im- er credit report does not
WASHINGTON (AP) — Con- the largest gain in credit a fresh record of $3.38 tril- pacts from a harsh winter, cover mortgages or any
lion. cutbacks in investment by other loans secured by real
Buffett private lunch auction Borrowing in the category energy companies and a estate such as home equity
that includes credit cards stronger dollar, which hurt loans.
jumped by $8.6 billion, the U.S. export sales. The overall category is up
largest rise in 12 months. The gross domestic prod- 6.6 percent from a year
Borrowing in the category uct, the economy’s total ago. The category that
that covers auto and stu- output of goods and ser- covers credit cards has ris-
dent loans advanced a vices, contracted at an an- en 3.2 percent in the past
solid $11.9 billion, after an nual rate of 0.7 percent in year while the category
even bigger $16.5 billion in- the first quarter. But econo- that includes auto and stu-
crease in March. mists say it will rebound to dent loans is up a much
Economists expect con- growth of around 2 per- stronger 7.9 percent. q
bidding could break records
AP Business Writer $17.9 million for Glide,
OMAHA, Nebraska (AP) which provides meals,
— The price of a private health care, job training,
lunch with Warren Buffett rehabilitation and housing
is already near $1.6 million, support to the poor and
and that is likely to grow homeless. The nonprofit re-
before the auction wraps lies on the event to gener-
up Friday evening. ate part of its roughly $18
The Glide Foundation, million annual budget.
which uses the auction Buffett has said the lunches
proceeds to help the poor generally last at least three
and homeless in San Fran- hours and cover a variety
cisco, hopes the bidding of topics.
will reach record levels. The only topic off-limits is
The 2015 bids are still well what Buffett plans to invest
below the 2012 winning bid in next.
of $3,456,789 — the most “Every year, it’s an inter-
expensive charity item ever esting experience for me,”
sold on eBay. Last year’s Buffett said. “I’ve met a
winning bid was $2,166,766. lot of great people in con-
Many people want Buf- nection with it. Made new
fett’s advice because the friends. Hired a person. Had
84-year-old is revered as an a lot of good steaks, so I
investor and philanthropist. can’t complain.”
Buffett is chairman and One past winner, Ted We-
chief executive of Berkshire schler, received a job offer
Hathaway, and more than after spending nearly $5.3
40,000 people attended million to win the 2010 and
the company’s annual 2011 auctions. Weschler
meeting in May to listen to now works as an invest-
Buffett answer questions. ment manager for Berk-
Over the past 15 years, the shire and gets to chat with
lunch auction has raised Buffett on a regular basis.q
