Metrics 2.0: Consumer borrowing increases 6% in April as credit card spending and auto loans jump


Consumer credit increased at an annual rate of 5.9% in April, following a tiny 0.8% increase in March, according to the Federal Reserve report Wednesday. The 5.9% increase for overall borrowing was the biggest gain since the 6.8% increase rate in June 2005.	$13.04 trillion US GDP in first quarter 2006

Total consumer credit now stands at a record $2.17 trillion, following the $10.6 billion increase in April. (The Fed's measurement of consumer credit does not include mortgages and other loans secured by real estate.)
Consumer borrowing on credit cards and other types of revolving loans rose at an annual rate of 4.5% or $3 billion.
Consumer borrowing for auto loans and other types of non-revolving credit rose at 6.7% or $7.6 billion.
Consumer spending accounts for two-thirds of total economic activity at over $9 trillion annual rate in 1Q 2006.

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