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Consumer borrowing up slightly in April

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Tuesday, June 8, 2010

ECONOMY

Consumer borrowing up slightly in April

Consumer borrowing increased slightly in April, a sign that Americans may have more faith in the economic recovery.

Borrowing rose by $954.8 million in April, the Federal Reserve said Monday. But the government revised away a gain it had originally reported for March. Instead, it reported that credit fell a sharp $5.44 billion during that month.

The April increase, if it stands, would be only the second gain in the past 15 months. Economists are hoping that households will soon borrow more and help sustain the recovery.

Consumer credit also rose in January. Beyond the January and April gains, consumer credit has posted a string of declines that started in February 2009.

-- Associated Press

EXECUTIVES

GM leaders to get $7.5 million in shares

Seven senior executives at General Motors will get stock valued at roughly $7.5 million as part of their pay packages, the company disclosed in regulatory filings Monday.

The executives, including North American President Mark Reuss, Vice Chairman for Product Development Tom Stephens and President of GM Europe Nick Reilly, must wait at least a year to cash in the shares. Some shares require a three-year wait.


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