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☆ Seeing signs of softness, not accelerating weakness in small businesses: BofA's Liz Everett Krisberg
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSeeing signs of softness, not accelerating weakness in small businesses: BofA's Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins 'Squawk Box' to discuss the results from the bank's small business survey, impact of the Fed's interest rate decision on small businesses, state of consumer spending, and more.

Persons: Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ American demand for international trips drives 'travel momentum' and overall spending
▼ + stars: | 2024-09-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Travel spending among American households continues to outpace its pre-pandemic levels, a trend underpinned by a zeal for international trips, according to new Bank of America research. "A key part of travel momentum lies within vacationing abroad," Taylor Bowley and Joe Wadford, economists at the Bank of America Institute, wrote in a note Wednesday. Overall, travel spending is down slightly from 2023, yet it remains "much higher" than 2019 — up by 10.6% per household, they wrote, citing Bank of America credit and debit card data from January to mid-August. About 17% of Americans said in June that they intended to vacation abroad during the next six months, up from roughly 14% in 2018 and 2019, according to a recent Conference Board survey. "I do expect the demand to continue," said Hayley Berg, lead economist at travel site Hopper.

Persons: Taylor Bowley, Joe Wadford, Taylor, Wadford, Hayley Berg, Hopper Organizations: Bank of America, Bank of America Institute, Finance, Board

☆ Housing market is looking positive going into fall with rate cut expectations, says Bess Freedman
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHousing market is looking positive going into fall with rate cut expectations, says Bess FreedmanAndy Walden, ICE vice president of enterprise research; Bess Freedman, Brown Harris Stevens CEO; and David Tinsley, Bank of America Institute senior economist, join CNBC's 'The Exchange' to discuss the housing market.

Persons: Bess Freedman Andy Walden, Bess Freedman, Brown Harris Stevens, David Tinsley, CNBC's Organizations: Bank of America Institute

☆ Travel isn’t dead. It’s just taking a vacation
▼ + stars: | 2024-08-19 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

New York CNN —CEOs of many of the biggest US hotel and travel companies are coming off a bit like doomsayers these days with their warnings about the declining health of consumers and their waning appetite for travel. Gary Hershorn/Getty ImagesMuch of the revenue growth that travel companies reported in recent years resulted from inflation, said David Tinsley, a senior economist at Bank of America Institute. “It was always going to be tough to expect travel spending to be showing the kind of momentum it showed 12 months ago,” he told CNN. “I don’t think the current situation is particularly bleak — it’s reasonable to see more normalization playing out,” he said, referring to travel spending getting back on par with pre-pandemic trends. Still, it’s not hard to see why this mixed picture is prompting travel companies to tread carefully.

Persons: —, ”, Brian Chesky, “ It’s, Ellie Mertz, Chris Nassetta, Airbnb’s Mertz, haven’t, Jan Freitag, ” Freitag, Walt Disney, Gary Hershorn, David Tinsley, Tinsley, “, Steve Hafner, it’s Organizations: New, New York CNN, Conference, Bank of America Institute, CNN Locations: New York, ”

☆ People making $200,000 or more are flocking to these 10 states: Florida is No. 1
▼ + stars: | 2024-08-12 | by ( Jade Thomas | ) www.cnbc.com time to read: +2 min

Florida had the biggest net gain of high-earning households, according to a recent SmartAsset study . Using $200,000 of adjusted gross income as a threshold, the study examined the number of high-income households moving into and out of each state to determine the net inflow. More high-income households have left California and New York than moved in, but some states saw the opposite. "I would say that's a little unique, that these smaller-population states are really pulling their weight in attracting or pulling above their weight in attracting high-earning households," DeJohn says. Here are the states that saw the biggest net inflow of high-earning households:

Persons: SmartAsset, Jaclyn DeJohn, SmartAsset's, DeJohn, David Tinsley, Charlie Dougherty, Dougherty, There's Organizations: New Hampshire —, Bank of America Institute, Wells, Wells Fargo Economics Group Locations: North, South Carolina, Arizona . Florida, California, New York, Florida , Texas , Tennessee , Nevada, New Hampshire, Southern, Wells Fargo, Texas, Florida, Area, Los Angeles, Portland, Seattle, Austin, , Texas, United States, Tinsley

☆ Disney may have a parks problem
▼ + stars: | 2024-08-07 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —Disney Parks are the latest business to face slowing consumer demand in the face of higher prices. Disney’s parks business underperformed expectations and profit fell somewhat last quarter. It’s not just Disney that’s seeing a pullback — Bank of America Institute reported credit card transactions on travel ticked down in June. Disney’s domestic parks and international parks and cruises, though, are seeing different results: Disney’s international parks had increases in attendance and more rooms booked. The company noted that attendance at the parks was comparable to this time last year and spending per guest was up.

Persons: It’s, Hugh Johnston, ” Johnston, “, Marriott, “ We’ve Organizations: New, New York CNN, Disney Parks, Disney, of America Institute, Netflix, Hulu, ESPN, CNBC Wednesday Locations: New York

☆ BofA Institute’s Liz Everett Krisberg on consumer: Continue to see services outperform retail
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA Institute’s Liz Everett Krisberg on consumer: Continue to see services outperform retailLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s July Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: Liz Everett Krisberg Organizations: Bank of America Institute

☆ Americans are suddenly finding it harder to land a job — and keep it
▼ + stars: | 2024-07-08 | by ( Elisabeth Buchwald | Alicia Wallace | ) edition.cnn.com time to read: +5 min

Suddenly, the red-hot labor market is feeling closer to lukewarm for job seekers. The unemployment rate rose to a three-year high of 4.1% in June, with 6.8 million people unemployed. At that time a year ago, the unemployment rate was at 3.6% and 6 million people were unemployed. The rising unemployment rate — driven primarily by more people entering the workforce — means that it’s getting more competitive for job hunters to get hired. Since 2022, the temporary help sector has added jobs in only four months.

Persons: It’s, Luke Pardue, switchers, David Tinsley, Jack McIntyre Organizations: CNN, Aspen, Bank of America, Bank of America Institute, “, of Labor Statistics, Labor Department, Brandywine Global

☆ Job switchers hoping for a big raise are in for disappointment
▼ + stars: | 2024-07-07 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Read previewHere's some less-than-great news if you're looking to job-hop because of your pay: People changing roles likely won't be getting as big of a wage bump as past job switchers. However, the report said that "median pay raises appear to have moderated to around 10%" as of this past May. The drops in the median pay raise for job-to-job movers from 2022 to 2024 were felt across workers in all income groups, the Bank of America Institute found. Still, the report noted that lower-income Bank of America customers — those making under $50,000 a year — had the highest median pay gains. AdvertisementThe report said that those middle- and upper-income job seekers may "have somewhat less leverage and bargaining power in negotiating a raise on taking a job."

Persons: —, David Tinsley, Tinsley, there's, switchers Organizations: Service, Bank of America Institute, Business, Bureau of Labor Statistics, Bank of America, New, of Labor Statistics Locations: Atlanta

☆ US job openings unexpectedly grew in May, reflecting a still resilient labor market
▼ + stars: | 2024-07-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

CNN —The number of available jobs in the US unexpectedly grew in May, signaling continued resilience in the nation’s labor market. Job openings jumped higher to 8.14 million in May, from a downwardly revised 7.91 million in April, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday. While both hires and job openings rates (as a percentage of total employment) ticked higher for May, the quits rate and layoffs rate were unchanged. The labor market appears to be at a crossroads, Nick Bunker, Indeed Hiring Lab’s head of economic research, wrote in commentary posted Tuesday. But some Fed officials have noted that the job market has lost momentum recently and that it’s highly unclear whether it will continue to hold steady or weaken further.

Persons: Economists, “, ” Robert Frick, switchers, David Tinsley, Nick Bunker, ” Bunker, ”, you’ve, Austan Goolsbee, ” Marisa DiNatale Organizations: CNN, Bureau of Labor Statistics ’, Labor, Navy Federal Credit Union, Industries, Bank of America, Bank of America Institute, “, Federal Reserve, Chicago Fed, Bloomberg, European Central Bank, Moody’s, Labor Statistics Locations: Sintra , Portugal

☆ Consumer spending growth is stable, says BofA Institute’s Liz Everett Krisberg
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer spending growth is stable, says BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s June Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ Americans are expected to splurge on travel this summer — again
▼ + stars: | 2024-05-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” Paula Twidale, senior vice president at AAA Travel, said in a release. Spending this summer will likely be a little softer than last year’s, they said, but still strong. The bank’s consumer travel survey showed that 72% of people said they’re planning to travel, with 36% saying they’ve already planned their trip. Even among respondents making less than $75,000 a year, more than 60% said they’re planning to travel this summer.

Persons: ” Paula Twidale, Royal Caribbean’s, ” David Tinsley, they’ve, Joelle, aren’t, Dogecoin, Shiba Inu “, Atsuko Sato, ”, Sato, ” Kabosu, Kabosu, Shiba, Loretta Mester, Neel Kashkari, Lisa Cook, Robin, John Williams, Raphael Bostic, Lorie Logan Organizations: CNN Business, Bell, Washington CNN —, Transportation Security Administration, AAA, AAA Travel, Bank of America Institute, Bank of America, Japan, Europe, New York Fed, Public Policy Research, Mizuho Financial, Federal, Global, Index, Board, HP, Dick’s Sporting Goods, Abercrombie, Fitch, Eagle Outfitters, Costco, Dell, Dollar, Hormel, US Commerce Department, US Labor Department, National Association of Realtors, China’s National Bureau of Statistics, Atlanta Fed Locations: Washington, Caribbean, South Korea, Switzerland, Colombia, Costa Rica, Canada, Mexico, Domestically , California, Florida, California, “, Sakura, CAVA, Chewy, Burlington, Birkenstock, Nordstrom, Kohl’s

☆ Many drivers for Uber, Lyft, and DoorDash are earning well below minimum wage, even with tips, a new paper finds
▼ + stars: | 2024-05-21 | by ( Noah Sheidlower | Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Advertisement"Pay for gig drivers rarely exceeds the employee-equivalent local minimum wage," the authors wrote. While two-thirds of DoorDash drivers and just under half of Uber Eats drivers had their incomes adjusted, just 5% of Uber drivers did. The average Lyft, Uber Eats, and DoorDash driver had hourly earnings of $24, $18, and $14, respectively. Over the past year, several gig drivers have told BI that their gigs are less profitable than they used to be. For example, Uber and Lyft drivers have said the ride-hailing giants are taking a larger cut of rider fares.

Persons: —, Lyft, Uber, aren't, Gridwise Organizations: Service, Seattle metros, UC Berkeley Labor Center, Center for Wage, Dynamics, Business, metros —, UC Berkeley, Big Lake Data, Bank of America, Bank of America Institute Locations: Boston, Chicago, Los Angeles, San Francisco Bay, California, San Francisco, Seattle, New York City, Minnesota, Twin Cities, Massachusetts

☆ The low-income consumer is still spending, says BofA's David Tinsley
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe low-income consumer is still spending, says BofA's David TinsleyDavid Tinsley, senior economist at the Bank of America Institute, joins 'Power Lunch' to discuss the health of the consumer and their spending habits.

Persons: BofA's David Tinsley David Tinsley Organizations: Bank of America Institute

☆ Not seeing evidence of lower income consumer slowdown, says BofA Institute’s Liz Everett Krisberg
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNot seeing evidence of lower income consumer slowdown, says BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s April Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ As high-paying jobs become harder to get, more Americans are looking to Uber and Lyft for extra income
▼ + stars: | 2024-05-07 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

Gig work, in particular ride-hailing for companies like Uber and Lyft, is getting more popular. AdvertisementMore and more Americans are taking up gig work for companies like Uber and Lyft — in part because some have fewer options to land high-paying jobs. Additionally, BofA found that people with ride-hailing income earned, on average, more a month than those who did delivery gig work. Vacation rental was the highest-earning gig BofA measured, but this is only accessible to people with a home to rent out. While some young people could value the supplementary income gig work can provide — particularly if they're struggling to pay the bills — others may end up disappointed.

Persons: Uber, —, Lyft, BofA, it's, they've, Kate Bahn, X, Gen, they're Organizations: Service, Bank of America, Bank of America Institute, Bureau of Labor Statistics, Institute for Women's, Research, Atlanta Fed, millennials

☆ Hospital wait times will still be bad this year, even with labor gains
▼ + stars: | 2024-04-19 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

Small businesses are seeing labor growth this year, but hospitals still have staffing shortages. Healthcare worker numbers are steadily growing but remain below pre-pandemic trends, according to a Bank of America report published in April. Outpatient care centers are 9.4% behind on growth, while the hospital labor force has seen small gains at 0.3%. In fact, healthcare workers made up a significant portion of the people leaving their jobs during the Great Resignation. Patients will still see labor shortages in ERs and care facilitiesDespite labor gains, patients could still experience the impacts of the physician shortage.

Persons: —, Per, KFF Organizations: Service, Bank of America, The Bank of America Institute, of Labor Statistics, Centers, Medicare, Services, Kaiser Family Foundation, American Hospital Association, of America, Peterson Center, Healthcare, of Health, Bank of

☆ The consumer is softer but still stable, says BofA Institute’s Liz Everett Krisberg
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe consumer is softer but still stable, says BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s March Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ Lower & middle income consumers are moderating their spending: BofA Institute’s Liz Everett Krisberg
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLower & middle income consumers are moderating their spending: BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s February Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ Softer consumer spending was 'largely a weather story', says BofA Institute’s Liz Everett Krisberg
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSofter consumer spending was 'largely a weather story', says BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s January Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ Renters are being hit harder by inflation than homeowners are
▼ + stars: | 2024-01-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Renters and homeowners experience inflation differently; and right now, renters are taking a much more painful hit. While shelter inflation has come down over the past few months, in December, the shelter index was still 6.2% higher year over year. Inflation divide between renters and homeownersTwo things are driving the divide between how homeowners and renters experience inflation. And 64% of homeowners have a mortgage rate of 4% or lower — more than two and a half percentage points lower than prevailing rates. Even if the typical mortgage payment is higher than a typical monthly rent payment, renters’ incomes tend to be lower than homeowners.

Persons: “, Lisa Sturtevant, Danielle Hale, Realtor.com, ”, Hale Organizations: DC CNN, Bright MLS, Bank of America Institute, BLS, “ Locations: Washington

☆ The golden age of working for Instacart, DoorDash, and other delivery apps is over, workers say
▼ + stars: | 2023-12-31 | by ( Alex Bitter | ) www.businessinsider.com time to read: +10 min

"2020 and 2021 were excellent, but things started to go downhill in 2022 and now 2023," Juan told Business Insider. AdvertisementSpokespeople for Amazon, DoorDash, and Grubhub confirmed to Business Insider that they put prospective delivery workers on waitlists in certain markets based on demand for deliveries. AdvertisementHere are some of the problems that delivery gig workers faced in 2023, varying from lower pay to greater competition to sudden deactivations. The companies that employ delivery workers oppose the laws. Do you work for Instacart, Walmart Spark, or another gig delivery service and have a story idea to share?

Persons: —, Juan, he's, He's, hasn't, they're, Grubhub, Greg F, Greg, Instacart, Alexia Hudson, Daniel Danker, Hudson, Uber, GeekWire, Shipt Organizations: Service, Amazon, Business, Instacart, Walmart, Hudson, Bank of America Institute, New, New York Post Locations: Instacart, Southern California, Utah, California, Texas, Charlotte , North Carolina, Seattle, New York City, Juan

☆ US weekly jobless claims fall; business spending on equipment softening
▼ + stars: | 2023-11-22 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Though the weekly jobless claims report from the Labor Department on Wednesday also showed unemployment rolls declining for the first-time since mid-September, they remained near the highs for this year. The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of November's employment report. Continuing claims fell 22,000 to 1.840 million during the week ending Nov. 11, the claims report showed. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1% last month, the Commerce Department's Census Bureau said. Business spending on equipment spending contracted in the third quarter.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Lucia Mutikani, Paul Simao Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Fed, Bank of America Institute, Commerce Department, Commerce, Data, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, California, Kentucky , Oregon , Kentucky, Illinois, Texas, Commerce Department's

☆ Consumer spending is moderating as the labor market slows: Bank of America's Liz Everett Krisberg
▼ + stars: | 2023-11-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer spending is moderating as the labor market slows: Bank of America's Liz Everett KrisbergLiz Everett Krisberg, Head of Bank of America Institute, joins 'Closing Bell Overtime' to talk the impact of inflation on consumer spending toward the end of the year.

Persons: Liz Everett, Liz Everett Krisberg Organizations: Bank, Bank of America Institute

☆ 10 cities where people are moving for a new job
▼ + stars: | 2023-11-15 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Many workers reported cost of living as the most significant reason for moving states for a new job. Cities including San Francisco and Miami saw net population losses in the third quarter of 2023. New data from the Bank of America Institute looks at where job switchers are moving for those new roles , and which cities are increasingly luring in more new workers. San Francisco had one of the lowest shares of job changers moving in at under 11%. For many of these cities, Bank of America found population change and job growth went hand-in-hand.

Persons: —, San Francisco, they're, Gen Zers, Bostonians Organizations: Miami, Service, Boston, Bank of America Institute, Los Angeles . Bank of America, of America, Bank of America, Workers, Sun, San Franciscans Locations: Boston, Portland, San Francisco, Boston —, Oregon, Chicago, New York City, Miami, Los Angeles, Columbus, Austin, San Antonio, Las Vegas, Tampa, Seattle

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