Keyword: consumer
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Consumer confidence in September suffered the worst decline in more than three years, dragged down by a weaker labor market and rising pessimism about future business conditions and incomes. The Conference Board on Tuesday said its index of U.S. consumer confidence fell to 98.7 in January from 105.6, near the lowest of the range for the index over the past two years. Economists had expected a slight decline to 103 from the preliminary estimate of 103.3 for August. Increasingly pessimistic expectations for the economy’s performance in the months ahead and a weaker labor market drove September’s confidence decline.
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Most Americans took a slightly dimmer view of the U.S. economy in September but buoyant Democrat feelings led consumer sentiment to inch higher. The University of Michigan’s consumer sentiment index ticked up to 69 in its preliminary September reading, the best score since May and 1.6 percent higher than the prior month’s reading. The rise in consumer sentiment, however, was confined to Democrats and their view about current economic conditions. The consumer sentiment index for Democrats rose to 92.6 from 90.9, with the current conditions gauge climbing to 90.8 from 86.1 and the expectations measure dipping slightly to 93.7 from...
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When U.S. consumers are doing well, the U.S. economy does well. But of course the opposite is also true. When U.S. consumers are not doing well, the U.S. economy really suffers. The government has been trying really hard to put a happy face on things, but the truth is that the standard of living for most U.S. consumers has been going down for a long time. The cost of living has been rising faster than paychecks have, and so most of us have less discretionary income than we once did. And that is really bad news for the U.S. economy,...
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A federal judge just upheld a $350,000 punitive damages judgment against a General Motors dealership in Michigan in a spot delivery and wrongful repossession case. The U.S. district judge rejected the argument from Suburban Chevrolet Cadillac of Ann Arbor that the award was excessive. Here’s how this all came to be. In July of 2020, a bad time for everyone, Tina McPherson made a $2,000 down payment on a 2017 Dodge Durango and applied for financing from two lenders, according to Automotive News. The following day, she completed the paperwork and took delivery of the SUV. Everything was OK for...
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What I like about Biden’s economy … nothing. Most of Biden’s economic growth came from Trump’s spending and Fed monetary policy from the Covid shutdown of 2020. What was until recently a “red-hot” economy, with the US reportedly growing at an annual rate of 4.9% in Q3 and 3.4% in Q4 2024, has suddenly and dramatically downshifted, and according to the latest GDP data released from Biden’s BEA, Q1 GDP was revised downward from 1.6% to just 1.3% (1.250% to be specific), which was the lowest GDP since the mini-recession of Q2 when GDP declined for 2 quarters in a...
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Credit card delinquencies are on the rise, as research from the New York Federal Reserve shows nearly a fifth of borrowers are “maxed-out.” According the new report, issued by the bank’s Center for Microeconomic Data, household debt rose by 1.1 percent, or $184 billion, in the first quarter of the year, bringing the total to $17.69 trillion. “In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Joelle Scally, regional economic principal within the household and public policy research division at the bank, said in a statement....
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A just-released report from Scholaroo indicates that the U.S. national average for credit card debt has escalated to $6,555, with New Jersey residents leading the nation with an average debt of $8,155 per credit card. Scholaroo, a national firm matching college students with potential scholarships, surveyed more than 2,000 people across the United States during the final quarter of 2023.Coming in at a close second is Connecticut, with an average debt of $8,011 per credit card, followed by Maryland, New York, and Alaska—all with average credit card debts of more than $7,600 per card. Rounding out the top 10 states...
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resident Biden dismissed polls showing voters disapprove of his handling of the economy and trust former President Trump more on the issue Wednesday. "We've already turned it around," Biden insisted when asked by CNN host Erin Burnett about low consumer confidence about the economy, including housing costs going up, real income adjusted for inflation going down, and weak economic growth since Biden took office. Biden cited a survey indicating the American people "think their nation is not in good shape, but they’re personally in good shape," before asserting, "The polling data has been wrong all along." He knocked polling methodology,...
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As the dust settles on the latest economic data, one thing is abundantly clear: inflation isn’t showing any signs of backing down, and the consequences are hitting people hard. Despite the Fed’s hopes for a return to normalcy, the reality on the ground tells a different story. According to Mish Shedlock, the latest figures from the BEA paint a bleak picture. While personal income saw a modest increase, real income actually took a hit in February. Meanwhile, personal spending surged, driving up prices even further. Inflation, though largely expected, remains stubbornly high, far beyond the Fed’s comfort zone.
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The Massachusetts senator blames corporate greed for price increases that were caused by inflationary federal spending she supported.Do you hate it when the big bag of chips you bought turns out to contain mostly air inside? Well, Sen. Elizabeth Warren (D–Mass.) does, and she's crusading to end this injustice. In a series of tweets and videos over the past few days, Warren has come out swinging against the "shrinkflation" of Doritos, Oreos, and other store-bought products whose sizes have shrunk even as their prices remain the same. "These big corporations are shrinking how much they give us, but they're charging...
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* Collectively, Americans owe $1.13 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York. * Higher prices have largely caused consumers to spend down their savings and lean on credit cards to make ends meet. * Now, young adults, who are also burdened by high levels of student loan debt, are increasingly falling behind on the payments, the New York Fed found. Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. This is...
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Americans are piling on more credit card debt amidst persistent inflation and high interest rates, driving total debt to a new record of over $1.08 trillion, according to the New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit. Meanwhile, Fed Chair Powell downplays the likelihood of a real estate-led banking crisis but anticipates closures or mergers among smaller banks. The tightening monetary policy reflects the most restrictive measures since the 1970s and 1980s, with stricter loan standards observed across the board, especially in Commercial Real Estate loans.
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In the shadows of economic prosperity, a quiet crisis brews as tens of millions of Americans succumb to “Doom Spending.” This phenomenon, where one spends beyond their means to cope with stress, is not just a financial dilemma but a reflection of broader societal shifts. Especially pronounced among the younger generation, this trend tells a story of forsaken dreams. Young Americans, instead of investing in homes or starting families, are opting for instant gratification like cruises, signaling a departure from traditional aspirations.
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In a stark reality check, Bloomberg reports that the economic optimism touted by some is falling flat for many American households. The sentiment of being worse off isn’t just a feeling; it’s a harsh truth. According to the Daily Rampart from @ftschuyler, Credit Card Delinquency levels have doubled since the COVID lows, painting a concerning picture of financial strain. As inflation runs rampant, the impact is palpable even in everyday expenses. A snapshot of what $70 gets you at Walmart is a testament to the escalating costs that consumers are grappling with, highlighting the stark reality of today’s economic landscape.
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When it comes to the economy, Americans are feeling invigorated by holiday spirits and hopes for next year’s election. The University of Michigan’s barometer of consumer sentiment soared to a preliminary December reading of 69.4, the best reading since August. Economists had been predicting only a mild pick-up to 61.9 after sentiment had sunk to a six-month low of 61.3 in November.
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"You can't have a recession if everyone has a job and everyone is spending money," I told the audience in Las Vegas. We hosted our annual Stansberry Conference last month. And I had the honor of sharing my most up-to-date thoughts on the markets and the economy. Everyone is still on edge, waiting for a recession to take hold in the U.S. Many of our analysts at Stansberry Research are exploring the possibility, too. It's good to be prepared. But you shouldn't lose sleep over this fear. The reason why is as simple as what I said in Vegas... Consumer...
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Consumer confidence, as measured by the IBD/TIPP Index, dropped to 36.3 in October, the lowest since 2011 The Six-Month Economic Outlook component reached an all-time low of 28.7, signaling a bleak outlook Low confidence stems from factors like high inflation (16.7% since Biden took office), stagnant wages, expensive gas, student loans, and concerns about government spending The Federal Reserve's actions to combat inflation and stock market volatility contribute to the gloomy outlook Worries persist about the Russia-Ukraine conflict and the possibility of an economic recession Only 25% of Americans approve of President Biden's handling of the economyThe IBD/TIPP Economic Optimism...
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What is the Beige Book? The Beige Book is a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts. It charac- terizes regional economic conditions and prospects based on a variety of mostly qualitative information, gathered directly from each District’s sources. Reports are published eight times per year. What is the purpose of the Beige Book? The Beige Book is intended to characterize the change in economic conditions since the last report. Outreach for the Beige Book is one of many ways the Federal Reserve System engages with businesses and other organizations about economic developments...
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WASHINGTON (AP) — U.S. consumer confidence shot to the highest level in two years this month as inflationary pressures eased and the American economy continued to show resilience in the face of dramatically higher interest rates. The Conference Board, a business research group, said its consumer confidence index rose to 117 in July from a revised 110.1 in June. The gauge beat the 110.5 that economists had expected and was the highest since July 2021. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both improved in July. The future expectations...
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Consumer confidence fell in May as Americans became more pessimistic about the labor market, on top of elevated anxiety over inflation. The Conference Board reported Tuesday that its consumer confidence index fell to 102.3 in May from 103.7 in April. It’s the fourth time in five months that overall U.S. consumer confidence has declined.
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