Tag: Consumer Spending Figures
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Consumer confidence climbs to 2-year high as worry over inflation and recession ease
[ad_1] The numbers: A survey of U.S. consumer confidence climbed to a two-year high of 117.0 in July, a sign that Americans are growing more optimistic about the economy. The closely followed index rose 6.9 points from a revised WAS 110.1 in June, the Conference Board said Tuesday. Consumer confidence tends to signal whether the…
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Consumers slam the brakes on borrowing in May
[ad_1] The numbers: Total consumer credit rose $7.2 billion in May, down from a revised $20.3 billion gain in the prior month, the Federal Reserve said Monday. That translates into a 1.8% annual rate, down from a revised 5% gain in the prior month. It is the lowest monthly increase in consumer borrowing since November…
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Credit-card debt did not fall in first quarter — for first time in over 20 years
[ad_1] U.S. credit-card debt appears to be stubbornly holding near $1 trillion, the Federal Reserve Bank of New York said in its quarterly report on household debt and credit Monday. In the fourth quarter, when credit-card debt tends to rise due to holiday shopping, credit-card balances hit a whopping $986 billion, surpassing pre-pandemic levels, the New…
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First-quarter GDP looks pretty good. The rest of the year doesn’t look so hot.
[ad_1] The U.S. economy got off to a surprisingly good start in 2023, but growth appears set to falter in the rest of the year as higher interest rates take a big bite. Before the first quarter, many economists were predicting little to no growth. But fueled by an early surge in consumer spending, gross…