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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (14293)6/7/2000 5:13:00 PM
From: Justa Werkenstiff  Read Replies (1) of 15132
 
** Consumers on Steroids **

Global Economy: US Consumer Borrowing Rises 7.8% in April


Washington, June 7 (Bloomberg) -- The following is a summary of major economic indicators released worldwide today.

NORTH AMERICA

U.S. consumer borrowing rose more than expected in April led by loans for new cars and trucks, Federal Reserve statistics showed.

Consumer credit increased by $9.3 billion after rising $10.7 billion in March and $9.4 billion in February. The April increase means borrowing rose at a 7.8 percent annual rate.

Analysts had expected April borrowing to rise by $7.5 billion, after a previously reported March increase of $9.1 billion.

Borrowing rose at a 10.3 percent annual rate in the first three months of the year, Fed statistics showed.

Spending by overseas investors to acquire or establish U.S. businesses set a record in 1999, led by the communications and technology industries, Commerce Department figures showed today.

Foreign investment -- made either directly or through U.S. affiliates -- increased 31 percent to $282.9 billion in 1999, breaking the previous year's record of $215.3 billion. Prior to 1998, annual foreign investment never exceeded $80 billion.

Overall, foreign ownership of U.S. assets -- including purchases of stocks and bonds, plus direct investment in businesses and real estate -- rose $750.8 billion last year, following a $502.6 billion increase in 1998, the Commerce Department reported in March.

Total foreign investment rose by $179.7 billion in the fourth quarter, down from a $207.7 billion increase in the third quarter.
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