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☆ Americans have racked up a trillion dollars in credit card debt. That’s actually okay
▼ + stars: | 2024-02-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Americans racked up a record amount of credit card debt in 2023, soaring past a trillion dollars. “Consumers still have a lot of money left over to be able to spend, so the credit card data is often misinterpreted,” Russell Price, chief economist at Ameriprise Financial, told CNN. According to a LendingTree analysis of more than 350,000 credit reports, the average unpaid credit card balance was $6,864 in the fourth quarter. Overall, US household debt (including credit card balances) rose to a new high of $17.5 trillion in the fourth quarter, up 1.2% from the prior three-month period. So, while there certainly isn’t a shortage of economic hurdles bedeviling people’s budget — and credit card debt has surged — the big picture indicates that, so far, Americans (and their economy) remain healthy.

Persons: ” Russell Price, Price, haven’t, market’s, ” Gregory Daco, ” Lara Rhame, Laura, Jensen Huang, Christine Lagarde, Virgin, Michael Barr, Raphael Bostic, Susan Collins, John Williams, Papa, Austan Goolsbee, Loretta Mester, fuboTV, Christopher Waller, Mary Daly, Adriana Kugler Organizations: CNN Business, Bell, DC CNN, Workers, New York Fed, Consumers, Ameriprise, CNN, Federal Reserve Bank of New, . New York Fed, Employers, Soaring, FS Investments, Nvidia, Huawei, AMD, Microsoft, Broadcom, US Commerce Department, Central Bank, eBay, Smucker, Urban Outfitters, Global, Board, TJX, Monster Beverage, Baidu, HP, Paramount Global, Anheuser, Busch Inbev, Dell Technologies, Papa John’s, US Labor Department, National Association of Realtors, P, China’s National Bureau, Statistics, Pearson, P Global, Institute for Supply Management, University of Michigan Locations: Washington, Federal Reserve Bank of New York, ., EY, Santa Clara, Singapore, Shenzhen, China, Beijing, CAVA

☆ After a robust third quarter, US economic growth will likely slow. That's good for the prospect of rate cuts next year.
▼ + stars: | 2023-10-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The central bank also doesn’t have any incentive to restrict the economy through elevated interest rates if inflation is already under control. The US central bank has raised interest rates 11 times since March 2022 to their highest level in 22 years. The US Commerce Department reports new home sales in September. The US Commerce Department reports third-quarter gross domestic product along with September figures on new durable-goods orders. The US Labor Department reports the number of new applications for jobless benefits in the week ended October 21.

Persons: Jerome Powell, ” Gregory Daco, ” Diane Swonk, Donald Trump, Colin Kaepernick’s, Bud Light’s, Elliott Gotkine, ”, Jeffrey Sonnenfeld, “, Satya Nadella, ” Sundar Pichai, , Sherwin, Williams, Clark, General, Hess, Rowe Price Organizations: CNN Business, Bell, DC CNN, The Commerce Department, Federal Reserve, Treasury, KPMG, BlackRock, America, Nike, Yale School of Management, Microsoft, ” Disney, Sonnenfeld, Tottenham Hotspur, Whirlpool, Verizon, General Electric, Barclays, 3M, General Motors, Spotify, Quest Diagnostics, Mobile, Boeing, General Dynamics, Old Dominion, Hilton, Meta, IBM, US Commerce Department, Mastercard, Merck, Comcast, UPS, Myers Squibb, Northrop Grumman, Valero, The Hershey Company, Amazon, Intel, European Central Bank, US Labor Department, National Association of Realtors, Exxon Mobil, Chevron, Colgate, Palmolive, Phillips, University of Michigan Locations: Washington, EY, Israel, United States, United Kingdom, London, Gaza, Kimberly, Haliburton, Old, Bristol, AbbVie

Storm clouds are growing over the U.S. economy as the third quarter winds down this week. There is the ongoing strike by United Auto Workers members against the major car manufacturers. There is the rising price of oil with the international benchmark Brent crude now sitting above $93 a barrel. Aiding the economy’s escape from a downturn has been an unusual set of circumstances that include falling inflation, rising wages and some leftover stimulus from the COVID pandemic. “Such a shutdown could leave a visible mark on the economy,” Gregory Daco, chief economist at EY Parthenon, said last week.

Persons: Bob Doll, ” Gregory Daco, ” Daco, ” Wells Organizations: United Auto Workers, Brent, Crossmark Advisors, Federal Reserve, ”, Fed Locations: U.S

☆ The Fed’s preferred inflation measure stayed high in July — and consumers are continuing to spend
▼ + stars: | 2023-08-31 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —US inflation may have remained elevated in July, but consumers just wanted to have some fun. It’s the strongest monthly spending gain since January; however, underlying data indicates this type of activity may be on borrowed time. The Personal Consumption Expenditures index showed that prices increased 0.2% on a monthly basis and 3.3% annually. Economists were expecting monthly increases of 0.2% for the headline and core indexes and 3.3% and 4.2%, respectively, for the annual numbers. Even when adjusted for inflation, spending surged in July, rising by 0.6% from the month before.

Persons: ” Eugenio Alemán, Raymond James, “, ” Gregory Daco, EY, Jerome Powell, ” Powell, Wells, Shannon Seery, Wells Fargo, ” Seery, ” Daco, Powell, Jackson, ” Organizations: Minneapolis CNN, New Commerce Department, Federal, Commerce Department, Amazon’s, PCE, CNN, “, of Labor Statistics Locations: Minneapolis, Jackson Hole , Wyoming

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