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☆ Why American consumers may finally slow their spending, in charts
▼ + stars: | 2023-11-26 | by ( Christopher Hickey | ) edition.cnn.com time to read: +5 min

Some experts think the combination of high housing costs, rising credit card debt and shrinking savings could mean the end of post-Covid splurges, maybe even as soon as this year’s holiday shopping season. Here are the pressures consumers are facing that could cause a spending slowdown. Keeping up with high prices not only has led to more credit card debt, but also more consumers are falling behind on the payments. Since the first quarter of 2022, the rate of newly serious delinquent credit card debt has risen roughly 90%. And that would mean Americans may be forced to finally pull back on their post-Covid spending spree.

Persons: “, ”, Erik Lundh, Freddie Mac, ” Lundh, Lundh, they’ve Organizations: Conference, Intercontinental Exchange, ICE, New York Federal Reserve, Social Security Administration, San Francisco Federal Reserve, SF Fed, New York Fed, Covid Locations: people’s

☆ How a Republican victory in Virginia could lead to abortion restrictions in every Southern state
▼ + stars: | 2023-11-07 | by ( Manav Tanneeru | Christopher Hickey | ) edition.cnn.com time to read: +2 min

On Tuesday, Virginia voters will decide who will control the state legislature, which is currently divided between Republicans and Democrats each controlling one chamber. Outlawing abortion at 15 weeks or earlier would mean residents of southern states seeking the procedure after this point would be funneled into clinics in states even further away. Bans or restrictions in all the southern states would also mean denying or restricting access to more than 110 million Americans, or one third of the entire country’s population, and seven of the 10 fastest-growing cities. CNN defines southern states here as the states that seceded during the Civil War, which while a popular definition is not how the US Census defines the South. Democrats, who previously controlled both the legislature and governorship, were left with a 22-17 majority in the State Senate.

Persons: Roe, Wade, Glenn Youngkin, Youngkin, “, ” Organizations: Republicans, Republican Gov, Democratic, CNN, Youngkin’s, Virginia PAC, Delegates, State Senate Locations: Virginia, State

☆ America’s favorite Halloween candy is chocolate
▼ + stars: | 2023-10-30 | by ( Christopher Hickey | Will Mullery | ) edition.cnn.com time to read: +3 min

Americans can’t get enough of Halloween candy. Halloween candy sales grew 14% between 2021 and 2022 and this year is on track to be the same. And in the world of chocolate, milk chocolate is king: more people bought milk chocolate last Halloween season than all other non-chocolate candy combined. But while per unit sales of chocolate candy have remained largely stable compared with five years ago, non-chocolate candy is the growth market. Americans bought roughly 7.8% more packages of non-chocolate candy last Halloween season compared to 2018, while package sales of chocolate shrank by 2.5%.

Persons: “ It’s, Beth Kimmerle, “, ”, ” Kimmerle, Susan Benjamin, it’s, Albanese, Kimmerle, Candy, Benjamin, don’t Organizations: Bear Cubs Locations: West Virginia

CNN —As fighting intensifies across Gaza and Israel, CNN is visualizing the war through maps, charts and more. As airstrikes in Gaza have forced hundreds of thousands of people to flee their homes and overwhelm areas, including hospitals, there is little room to go. As thousands of rockets have rained down on Israel, the country has been relying once again on the Iron Dome system to protect its citizens. The US government has spent over $2.9 billion on the Iron Dome program since 2011, according to the Congressional Research Service. Here’s a snapshot of how planned US military aid to Israel compares with other countries.

Organizations: CNN, Congressional Research Service Locations: Gaza, Israel, East

☆ Speaker of the House duration: McCarthy has lost the gavel. It was the third shortest speakership in history.
▼ + stars: | 2023-10-03 | by ( Christopher Hickey | ) edition.cnn.com time to read: +2 min

When Speaker Kevin McCarthy failed to keep his leadership post, his 269-day speakership became the shortest in more than 140 years. Seven previous members of Congress served single speakership terms shorter than McCarthy’s, which ended by resignation or dying in office. But those speakers served when their party was in leadership in other Congresses and ultimately had longer cumulative speakerships. No House speaker has served for less than a year in total since 1876. A House speaker has stayed in power for an average of roughly 638 days since 2001, compared to 459 days during the 19th Century.

Persons: Kevin McCarthy, speakership, McCarthy, –, Michael Kerr –, Theodore Pomeroy –, Nancy Pelosi, Paul Ryan, Matt Gaetz Organizations: 118th, Republican

☆ Electric cars are breaking sales records, but here’s why they’re not replacing gas cars anytime soon
▼ + stars: | 2023-08-20 | by ( Christopher Hickey | ) edition.cnn.com time to read: +5 min

More shoppers are choosing electric vehicles so far this year than ever, according to vehicle sales data from Cox Automotive. While EV sales have been growing healthily for the past couple of years, that trend has accelerated this year. The electric vehicle market is entering into a transition period, she said. The average electric vehicle price in July was $53,469, according to Kelley Blue Book, versus an average price of $48,334 across all vehicles. But the number of charging stations still lags behind what is needed to support a wider-scale adoption of electric vehicles.

Persons: Cox, That’s, ”, Stephanie Valdez, Streaty, Chevrolet Bolt, Rivian, BEV, “ We’ve, ” Valdez, Price, Kelley, “ Organizations: Cox Automotive, EV, Streaty, CNN, Alliance for Automotive Innovation, Tesla, Volkswagen, Valdez, US Energy, Ford, EV considerers, US Department of Energy, Alliance, Automotive, Quarterly, California Energy Commission, AAI, District of Columbia, California Air Resources Board Locations: Valdez, California

☆ Candles, clocks and throw pillows: 3 charts show how Home Depot and Lowe’s pivoted to “soft-DIY”
▼ + stars: | 2023-06-10 | by ( Christopher Hickey | ) edition.cnn.com time to read: +6 min

The SEC data analyzed by CNN shows that home decor sales have doubled at both Home Depot and Lowe’s in that time period. By 2022, decor products accounted for 5.4% of Lowe’s sales – more than the tools, building materials, flooring or hardware categories. In 2019, year-over-year net sales at Home Depot and Lowe’s grew by roughly 2% and 1%, respectively. In 2020, Home Depot sales grew by nearly 20%, while Lowe’s saw sales jump by roughly 24%. While still primarily home improvement retailers, expanding into home decor was simply a logical opportunity for Home Depot and Lowe’s, Saunders said — especially online.

Persons: Neil Saunders, ”, it’s, ” Lowe’s, Lowe’s, Saunders, Barbara Kahn, they’re, ” Khan, “ They’re, Ted Decker, won’t, ” Saunders Organizations: CNN, SEC, Global, Home, Depot, Home Depot, ”, University of Pennsylvania’s Wharton School, Advance, US Census Bureau Locations: Lowe’s

CNN —A younger Congress may be a thing of the past. Ten years after meeting the age requirement for the Senate, age 30, baby boomers landed four seats, with millennials unable to get a single one. Millennials overtook baby boomers as America’s largest generation in 2020, according to Pew Research. Millennials and Generation Z (11-26) are winning their very first House seats faster than the previous four generations, CNN’s analysis shows. In the Senate, however, it’s taken more than 10 years for both Generation X and millennials to join Congress.

☆ Car loan interest rates are reaching record highs and taking longer than ever to pay off
▼ + stars: | 2023-04-15 | by ( Christopher Hickey | ) edition.cnn.com time to read: +4 min

High loan rates mean monthly payments are soaring as well. In March, the average monthly payment for financing a new car hit $730 — the highest on record, according to Edmunds. Most $1,000 per month car loans are taken out by people who choose high-interest, longer-term loans. While buyers who opt for longer loans are paying less money up front, interest rates catch up over time. For instance, a buyer who takes a 70 month loan for a $28,700 used car at the current average loan rate could pay 38% more just in interest.

CNN —It has almost never been as hard to buy a new or used car in the United States as it is today, despite improving supply issues and inflation beginning to steady. But used cars have a long way to go before approaching 2019 sales prices and new car prices have yet to slow down. What makes the 2020s unique is how much car prices rose in a short period of time. Over the used car market’s worst 12 months of the pandemic, the index rose 45%. There’s never been a 12-month period since the BLS began keeping records in 1947 when used car prices have inflated more.

CNN —More than half of all US states have partially or fully banned TikTok from government devices, according to a CNN analysis, reflecting a wave of recent clampdowns by governors and state agencies targeting the short-form video app. The accelerating backlash by states against TikTok, which has at least 100 million users in the United States, extends to states governed by Republicans and Democrats, and spans all regions of the country. Many of the states have singled out TikTok for executive action, with governors prohibiting the social media platform from government networks and devices. A handful of states are mulling legislation to restrict TikTok, mirroring similar efforts at the federal level by US lawmakers. Nearly two dozen states announced restrictions late last year amid reports that a negotiation between TikTok and the US government had stalled over whether the company could continue offering its services in the United States.

Wild price swings at the gas pump throughout the year make predicting prices for 2023 even more difficult. Diesel prices fell 20% from their peak in June, only about half the decline for gasoline during the same period. Greater demand for North American diesel by Europe in the wake of the war in Ukraine kept diesel prices so high. Most trucking companies charge a fuel surcharge to their customers when diesel prices increase. Many of the western states faced much higher gas prices because of more limited refining capacity.

CNN —A blast of severe winter weather last week caused thousands of Southwest Airlines flight cancellations and spiraled into a complete meltdown of its flight system. In October 2021, Southwest canceled more than 2,000 flights over a four-day period. While the airline blamed the crisis partly on bad weather in Florida, Southwest canceled flights for far longer than its competitors. Southwest’s scheduling system hasn’t changed much since the 1990s, according to Captain Casey Murray, president of the Southwest Airlines Pilots Association. But Southwest has consistently failed to perform as well as its competitors when it comes to cancellations, according to bureau data.

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