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☆ A top economist explains why a US recession is still on the table
  + stars: | 2023-10-03 | by ( Phil Rosen | Madison Hoff | ) www.businessinsider.com   time to read: +5 min
The US economy is showing signs of resilience, including from the labor market and consumer spending. The labor market has remained robust, steady economic growth is still there, and consumers have yet to buckle. "I think there's still risks gradually accumulating in the economy," Kimbrough said. AdvertisementAdvertisementConsumer and labor market risks loomA number of factors pose as headwinds for consumers, in the chief economist's view. Gregory Daco, EY's chief economist, also recently warned that there are headwinds impacting consumers, forcing them to perhaps cut back on spending.
Persons: isn't, —, Jeremy Grantham, Jamie Dimon, Karin Kimbrough, LinkedIn's, it's, Kimbrough, they've, Gregory Daco, Daco Organizations: Service, Chicago Fed, BlackRock, Labor, of Labor Statistics, Federal Reserve Bank of New York's Center, Microeconomic
☆ Half of Americans have less emergency savings than last year or no savings at all
  + stars: | 2023-02-24 | by ( Madison Hoff | ) www.businessinsider.com   time to read: +5 min
A Bankrate survey that took place from January 20 to January 23 asked about how a respondent's emergency savings compared to these savings a year ago. About 4 in 10 US adults have fewer emergency savings than they did just a year prior, according to the survey conducted by SSRS. But not everyone has seen their emergency savings fall from where they stood a year ago. "Many have resorted to tapping their emergency savings if they have it, or have taken on credit card debt, or some combination. And emergency savings is money of course that should be highly liquid for when and if they need to tap that money supply."
☆ Worker demands for more money on the job hit a record level, a New York Fed survey finds
  + stars: | 2022-12-20 | by ( Eric Rosenbaum | ) www.cnbc.com   time to read: +5 min
The level surpassed the $73,283 record reached earlier this year in March, which it had more recently dipped below. The continued strength in the labor market will will put pressure on companies to keep using price as a lever to make back some of the margin lost to labor costs. This approach to offering more pay doesn't tie them into salary increases which can't be easily reversed, and also does not factor into the wage inflation trend for long. But for now Powell is stuck with a labor market that isn't relenting to Fed policy as quickly as hoped. "We do see a very, very strong labor market, one where we haven't seen much softening, where job growth is very high, where wages are very high.
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