Late-paying credit card accounts in the U.S. are more numerous than at any time since the 2008 financial crisis, the Financial Times reported, as low-income households have run out of financial reserves after more than two years of relentless inflation.
The number of homeless Americans increased by more than 770,000 in one year—representing an increase of 18 percent, as more people struggle under high interest rates, high inflation, and surging housing costs.
The economic landscape has presented an array of challenges that have profoundly affected the business community this year.
Employers took on another 227,000 workers in November, indicating a strong but not overheated jobs market.
The U.S. economy has undergone a boom in productivity, the amount of work accomplished per worker, the U.S. labor department reported.
Donald Trump’s announced plans to close the U.S. borders and deport “millions” of immigrants could deprive the economy of between 25,000 and 100,000 new jobs in 2025, analysts have estimated.
The Personal Consumption Expenditures Price Index, the U.S. Federal Reserve’s favorite measure of inflation, edged up to an annual rate of 2.3 percent in October from 2.1 percent the month before, according to the Commerce Department.
The U.S. economy expanded by 2.8 percent in July through September as consumer spending remained strong and exports surged, the Commerce Department said.
The U.S. is now more vulnerable to inflation shocks than in the past, Thomas Barkin, president of the Federal Reserve Bank of Richmond, told the Financial Times.
The Eurozone’s economy will expand less in 2025 than previously thought, the European Commission (EC) said last week as it trimmed its next year’s growth forecast to 1.3 percent, down from 1.4 percent foreseen in May.