As consumers rack up more credit card debt and interest rates climb steadily higher, credit card companies are seeing losses climb at the fastest pace since the Great Recession. Researchers at Goldman Sachs have noted an “unusual rise” in credit card losses, meaning the amount that banks have written off as uncollectible. Credit card losses […]
The typically hot summer homebuying season ended in summer doldrums as home sales slid again in August, but an ultra-low inventory of homes on the market pushed prices higher. Sales of previously owned homes (which make up the bulk of home sales) fell 0.7% in August from the month prior to a seasonally adjusted, annualized […]
The Federal Reserve is shooting for something it has never accomplished: a soft landing followed by the slowest rate-cutting cycle in history. The central bank left interest rates unchanged at its latest meeting. Future projections leave room for another rate hike this year, but investors are looking past that to what the Fed expects in […]
U.S. retailers are on pace to hire the lowest number of seasonal workers for this holiday season in 15 years, as employers deal with high labor costs and uncertain consumer confidence. Retailers are expected to add just 410,000 new jobs in the run-up to the holidays, according to a report from labor placement firm Challenger, […]
American consumers’ view of the economy ended the summer on a down note, as consumer sentiment edged lower for the second straight month, but their outlook improved somewhat amid falling inflation expectations. The University of Michigan’s preliminary reading of the consumer sentiment index fell to 67.7 this month, down from August’s 69.5. Economists polled by […]
