America’s strong labor market might be somewhat weaker than anticipated. As Bloomberg News reported Tuesday (Aug. 22), government data released this week logging payroll growth for the year through March will include a revision that will likely subtract around 500,000 jobs from the total employment levels. Still,...
Times are tough for the American car buyer, whether they’re seeking new or used vehicles. New cars less than $20,000 are all but extinct, while the average American now needs 42 weeks of income to pay off a new vehicle, compared to 33 weeks before...
Restaurant purchases have ebbed to their lowest levels in over a year as food prices continue to climb. Research carried out for PYMNTS’ “Connected Dining” report noted that 58% of consumers made restaurant purchases in June, representing a 9 percentage point drop from May — and the...
The world had fewer millionaires at the end of 2022 than at the beginning. That’s according to a report issued Tuesday (Aug. 15) by UBS and Credit Suisse showing that global wealth fell for the first time since the 2008 financial crisis. “The 3.4% household wealth growth in 2022 was the lowest rate...
In the face of ongoing macroeconomic pressures, many consumers are holding off on making major eCommerce purchases until holiday sales events, according to Monos CEO Victor Tam. In an interview with PYMNTS, Tam noted that the travel and luggage direct-to-consumer (D2C) site, which has also been expanding into...
Retail sales keep on chugging along. To that end, the data released Tuesday (Aug. 15) by the Commerce Department showed that consumer spending, overall, remained strong against a backdrop where inflation’s growth rate slowed. Overall, retail sales were up 0.7% in July vs. June, better...
Consumer sentiment is improving overall, with decreased expectations of inflation. According to the July 2023 Survey of Consumer Expectations released by the Federal Reserve Bank of New York’s Center for Microeconomic Data, inflation expectations declined at the short-, medium- and longer-term horizons. At the one-year-ahead horizon, consumers’ median inflation...
The price of essentials may be rising at a slower pace than last year, but consumers remain cautious. Inflation for everyday items is nearing price rise rates similar to the discretionary item price slowdown earlier this year that led the initial overall inflation decline. The Bureau of...
Increasing costs on everyday items such as groceries, utilities and insurance continue to strain household budgets across the United States. More than 60% of Americans were living paycheck to paycheck as of June, a trend that Amber Carroll, senior vice president of membership and lifecycle strategy at LendingClub, said is here to...
