JPMorgan Chase and Wells Fargo, two of the “Big Four” U.S. banks reported lower profits in the third quarter but still exceeded analysts’ forecasts.
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Oct 15 2024
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BIG BANKS SEE LOWEST INTEREST INCOME SINCE LATE 2022
Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo are expected to report collective net interest income of less than $62 billion in this year’s third quarter, analysts told the Financial Times.
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HURRICANE, BOEING STRIKE HIKE JOBLESS RATE TO ONE-YEAR HIGH
In the week ending 3 October, jobless workers filed 258,000 new claims for unemployment benefits, the U.S. Labor Department said, the most since early August 2023.
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INFLATION TICKS DOWN BUT EXCEEDS FORECAST
The pace of U.S. inflation eased from 2.5 percent in August to 2.4 percent in September, the Bureau of Labor Statistics reported.
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THE COST OF HAVING CREDIT CARDS IS STILL GOING UP
Even though the U.S. Federal Reserve has begun lowering its benchmark interest rates, credit card holders might not see much relief, The Wall Street Journal reported.
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BUDGET DEFICIT HIGHEST IN THREE YEARS
The yearly U.S. budget deficit hit $1.8 trillion in the fiscal year ending 30 September, the highest since 2021 when the COVID War was still under way, the Congressional Budget Office (CBO) reported.
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ECONOMIC UPDATE – MARKET OVERVIEW
October Surprise? Take a look at the facts. October did not start off great for U.S. equities, however, the markets recovered with the S&P 500 hitting new highs.
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HALF OF AMERICANS UNABLE TO PAY BASIC BILLS ON TIME, CONSUMER CONFIDENCE SLUMPING
Half of Americans are unable to pay all of their basic monthly bills on time, such as rent or mortgage payments and utility bills, a Lending Tree survey of 2,040 adults found.