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.
Economic News
Economic News
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...
Economic News
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...
Economic News
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...
Economic News
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...
Economic News
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...
Economic News
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...
Economic News
