Consumer spending continued to drop in May as U.S. households curtailed spending and boosted their savings. Data from the Bureau of Economic Analysis (BEA) released on Friday (June 3o) shows that the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, improved...
In May 2023, the Federal Reserve released the Economic Well-Being of U.S. Households in 2022, the latest edition of an annual report often used to measure financial well-being. Since 2013, these reports have tracked consumers’ stated ability to afford a theoretical $400 emergency expense. The...
Backbase, a global engagement banking software provider, has made a foray into the digital wealth space with the acquisition of London-based firm Nucoro. The acquisition will allow Backbase to integrate Nucoro’s headless platform capabilities directly into the Backbase Engagement Banking platform, providing a unified, customer-centric...
Even as millennials age into increased financial responsibility, more members of the generation are having trouble making ends meet. Now aged between 27 and 42, the generation is statistically likely to be mid-career and taking on the financial strain associated with raising a young family....
Over the past few years, consumers have steadily returned to brick-and-mortar stores and spending seems resilient, albeit slowing a bit, even with inflation stubbornly in place. But for the more than 33 million small businesses operating in the United States — employing nearly half of...
Consumer credit grew at a seasonally adjusted rate of 5.7% in April. Revolving credit increased at an annual rate of 13.1% during the month, while nonrevolving credit grew at an annual rate of 3.2%, the Federal Reserve said in a Wednesday (June 7) statistical release. Compared to...
Retail and digital media subscription firms beware, as these are the payments consumers are most likely to skip when in a pinch, although there are strategies and tools to lessen the chances of partial or skipped payments. These are among the findings from The One-Stop Bill...
Sorbet has launched a platform that lets employees access the value of their unused paid time off (PTO). With this on-demand PTO cash advance solution now available in eight states, employees can access the cash value of PTO as they accrue it, rather than waiting...
Access to credit may be the key factor determining whether consumer spending will continue to be resilient. Or not. As detailed in the report “How Credit Insecurity is Changing U.S. Consumers’ Borrowing Habits,” done in collaboration between PYMNTS and Sezzle, that all-important access is key...