Bank of America’s CEO says consumer spending is still healthy despite steep interest rates. Spending has risen between 3% and 4% this month compared to a year ago, Brian Moynihan said in an interview with Bloomberg News Monday (May 13). He added that uptick is indicative of a slower-growth, lower-inflation...
This week, the latest spate of data from the government on spending trends will be released. Retail sales data will track consumer demand for finished goods that fly off merchants’ real and virtual shelves. The Personal Consumption Expenditures Index will give a sense of how...
U.S. corporate bankruptcies reached their highest level in a year in April. That’s according to a Sunday (May 12) report by Seeking Alpha, citing data from S&P Global Market Intelligence which shows companies pressured by continued high interest rates. The data showed 66 new bankruptcy filings last...
Consumers are souring about the near-term outlook — on inflation, job prospects and interest rates. Where there’s worry, there’s possibly some saving for a rainy day at the expense of spending now. The latest Index of Consumer Sentiment published Friday (May 10) by the University of Michigan declined about...
May 10, 2024
Consumers are souring about the near-term outlook — on inflation, job prospects and interest rates. Where there’s worry, there’s possibly some saving for a rainy day at the expense of spending now. The latest Index of Consumer Sentiment published Friday (May 10) by the University of Michigan declined about 13% in May, measured month over month. The university noted […]
May 09, 2024
Banks and corporates by and large showed cautious optimism regarding consumer spending during the first-quarter earnings season. Now, the operative question surrounds the use of credit for the balance of...
February 13, 2024
The latest data from the government on consumer prices indicates a bit of weary truth: Inflation’s settled in, seemingly for the long haul. The Bureau of Labor Statistics noted on Tuesday...
February 06, 2024
The pressures of increased debt burdens are put in stark relief with the latest data from the central bank. And the burden is felt keenly among younger consumers, and lower-income...
May 14, 2024
Bank of America’s CEO says consumer spending is still healthy despite steep interest rates. Spending has risen between 3% and 4% this month compared to a year ago, Brian Moynihan said in an interview with Bloomberg News Monday (May 13). He added that uptick is indicative of a slower-growth, lower-inflation landscape, but still a bright spot for the American economy, […]
May 12, 2024
U.S. corporate bankruptcies reached their highest level in a year in April. That’s according to a Sunday (May 12) report by Seeking Alpha, citing data from S&P Global Market Intelligence which...
May 08, 2024
Online brokerage Robinhood Markets has reported first-quarter profits that exceeded expectations, driven by strong crypto trading volumes and increased net interest revenue. Robinhood’s profit for the first quarter stood at $157 million or 18...
May 07, 2024
LoanDepot expects the mortgage industry to continue facing a challenging environment. Recent interest rate increases have reduced industry forecasts for market volumes for the year, the company said in a Tuesday...
