WASHINGTON >> U.S. consumers sharply increased use of their credit cards in March, pushing up total borrowing at the fastest pace in more than a decade.
The Federal Reserve reported Friday that total consumer borrowing rose $29.7 billion in March, a 10 percent jump from the previous month. It was the largest percentage gain since a surge of 18.4 percent in November 2001, when consumer borrowing surged in response to government officials urging Americans to boost spending to support the economy following the September terrorist attacks.
Total borrowing rose to a record of $3.59 trillion. Borrowing in the category that includes credit cards jumped $11.1 billion, or 14.2 percent, the biggest one-month gain in this category since July 2000. Borrowing for auto and student loans rose $18.6 billion, up 8.5 percent.
Alberta fire sends oil prices higher
The massive wildfire in the heart of Canada’s oil country is helping send crude prices higher.
Benchmark U.S. crude rose 34 cents to $44.66 a barrel Friday in New York after earlier dropping by nearly 2 percent. Oil prices often spike when there is concern that production could be curtailed.
Canada is the leading exporter of crude oil and natural gas to the United States, according to figures from the Energy Information Administration. Canada sends about 100 million barrels of crude and 240 billion cubic feet of natural gas per month to the U.S.
ON ThE MOVE
Gilbert & Associates has hired and promoted the following four team members:
>> Paul Danaher is an account manager for the company. He has extensive experience in account and project management and previously served at a boutique digital agency on the East Coast.
>> Edith Rojas has joined the company’s team as a graphic designer. She has experience in design working for several design studios in New York and on Maui.
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HUGS raised $400,000 at its annual fundraiser, HUGS Gala, on April 30 at Pomaika‘i Ballrooms at Dole Cannery in Iwilei. The event generated $400,000, which will be used for programs to help families with seriously ill children. HUGS’ mission is to improve the quality of life of ill children as well as their family’s life. All money raised will help local families.
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Star-Advertiser staff
