Economic News Archives

Category: Economic News

The macro economy has a large impact on your personal finances. To help you manage your money better we track the import economic trends. Stay up to date so you can be prepared to adjust your personal finance strategies.

Deloitte Black Friday spending chart

2024 Black Friday-Cyber Monday Spending Expected to Increase

According to figures from Deloitte, consumers are expected to spend a record amount during the Black Friday-Cyber Monday period this year. By the numbers: Between November 28th and December 2nd, Americans on averagewill spend an estimated $650. Not only is this a new record but marks a 15% increase over last year's $567 average spending figure. Over the past four years, spending has now increased 62%, with 2020's average coming...
Fed Chairman Jerome Powell

Federal Reserve Lowers Interest Rates by Another Quarter Point

In a move that was widely expected, the Federal Reserve voted to lower interest rates again. About the cut: This afternoon, Federal Reserve chairman Jerome Powell announced that the agency had voted to lower interest rates by a quarter-point (or 25 basis points). The move is the second reduction this year, although the September cut was larger, coming in at half a point. Beyond these two cuts, the Fed is...
April 2024 US Jobs Report graph

U.S. Economy Adds Lower-Than-Expected 175,000 Jobs in April

April 2024's jobs report has arrived — and so have several competing narratives about what it means. About the report: Today, the Bureau of Labor Statistics released its Employment Situation Summary for April. In total, it showed that the United States economy gained 175,000 jobs during the month. That's well below the 240,000 jobs that economists had forecasted (per Marketwatch) and, similarly, is lower than the 12-month average of 242,000 per...
stack of credit cards

Credit Card Delinquency Rates Reach Decade High in Q4 2023

According to new data from the Federal Reserve Bank of Philidelphia, credit card delinquencies grew to new "series highs" in the last quarter of 2023. About the report: As Bloomberg reports, credit card delinquencies increased in the fourth quarter. In total, nearly 3.5% of consumer card balances were at least 30 days late. Furthermore, the percentage of card accounts that were 30, 60, and 90 days past due all rose during...
illustration of credit card and a line of people

Survey: 45% of Americans Rely on Credit Amid Inflation

A new survey highlights the link between continued inflation and how Americans are using credit. About the survey results: According to a Debt.com survey of 1,000 U.S. adults, a significant number of consumers are currently relying on credit. In fact, 45% of respondents cite inflation and price increases as the reason for their credit usage. Furthermore, 35% say they've maxed out their cards in recent years as a result of...
view of Paterson, New Jersey

Paterson, NJ Releases Results of Basic Income Test Program

After completing a basic income pilot program in 2022, Paterson, New Jersey has released some of the initiative's findings. About the program and results: From June 2021 through June 2022, the City of Paterson gave 110 residents monthly payments of $400 with no strings attached. To qualify, individuals needed to make less than $30,000 per year while families with incomes under $88,000 could also qualify. Meanwhile, while the program was...
US GDP Growth Chart

The United States Economy Grew 3.3% in Q4 2023

A new report shows that the United States economy continued to expand in the last quarter of 2023. About the numbers: According to the Bureau of Economic Analysis, the U.S. gross domestic product (GDP) increased 3.3% in the fourth quarter. As CNN Business notes, although that's down from the 4.9% growth rate recorded in the third quarter of the year, it's more than double the 1.5% growth economists expected. For...
US Decmer 2034 jobs report graph

United States Economy Added an Estimated 216,000 in December

The United States economy closed out 2023 with yet another impressive jobs report. About the report: According to the latest Bureau of Labor Statistics report, the U.S. economy gained 216,000 jobs in the last month of 2023. That easily beat the 175,00 jobs expected by economists surveyed by Bloomberg. Meanwhile, the unemployment rate was flat month-over-month, sticking at 3.7% (economists had anticipated it to tick up). While December's figures were...
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Travelers with two Best Western Credit Cards

Best Western Debuts Two New Rewards Credit Cards

After pausing applications for their previous rewards card, the hotel chain Best Western has unveiled a new pair of rewards credit cards with a new issuer. About the Best Western cards: Best Western is partnering with First Bank & Trust and Mercury Financial to introduce two new co-branded credit cards. First up is the no-annual-fee Best Western Rewards Visa Signature Card. With this card, customers can 4x points on Best...
Marriott Bonvoy card and a woman on vacation

Marriott Bonvoy Bold Card Launches Travel Contest

Chase and Marriott Bonoy have unveiled a special contest while continuing to offer its best-ever welcome bonus. About the welcome bonus and Bold Chat Court Contest: Marriott Bonvoy and Chase have launched a special opportunity called the Bold Chat Court contest. As part of this contest, 10 lucky travelers will be awarded 500,000 Marriott Bonvoy points (for a total of 5 million) as well as $5,000. For this contest, the...
Bilt and All Reward logos

Bilt Adds 2 New Transfer Partners Including First 3:2 Transfer Rate

Bilt is once again expanding its travel transfer rewards program — and is even breaking the mold with one new partner. About the new additions to Bilt: This week, Bilt launched partnerships with two more travel brands: TAP Air Portugal and Accor. As a result, Bilt members will now be able to transfer their points to Miles&Go and ALL Reward, respectively. In total, Bilt now has 18 transfer partners including 13...
Fioney Top 10 Must-Read Personal Finance Articles Septemeber 2024

Top 10 Personal Finance Articles of the Month — September 2024

Welcome to Fioney's look at the top 10 personal finance articles of the month. On the first Friday of each new month, we look back at some of our favorite posts published in the weeks prior and highlight them right here. This includes a mix of sites that have become staples of our lists as well as many first-timers. To start things off this month, we'll look at some articles...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...