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Business

“Businesses are returning $140 million in surprise overdraft fees to consumers, according to a CFPB report”

“The nation’s federal consumer protection watchdog announced Wednesday that companies will refund $140 million to customers as a result of its work to uncover illegal so-called junk fees…. Nearly two-thirds of banks with more than $10 billion in assets have also eliminated NSF fees,… Continue Reading…

Banking

“Some banks see new cracks forming in a resilient US consumer”

“…Executives from Wells Fargo (WFC), Fifth Third Bancorp (FITB) and Capital One (COF) all said this past week that they are noticing a divergence between the two ends of their customer base, with lower income consumers feeling more pain on… Continue Reading…

Stocks

“Foot Locker shares plunge more than 30% as it slashes guidance and blames ‘consumer softness’”

“…Here’s how Foot Locker did in the three-month period that ended July 29 compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv: The company swung to a loss of $5 million, or 5 cents… Continue Reading…

Economy

“Inflation: Consumer prices rise 8.3% over last year in August, tanking stocks and clinching rate hikes”

“…The Consumer Price Index (CPI) in August reflected an 8.3% increase over last year and a 0.1% increase over the prior month, the Bureau of Labor Statistics reported Tuesday. Economists had expected prices to rise 8.1% over last year and fall 0.1%… Continue Reading…

Economy

“China’s consumer and factory data miss expectations in July”

“…Retail sales grew by 2.7% in July from a year ago, the National Bureau of Statistics said Monday. That’s well below the 5% growth forecast by a Reuters poll, and down from growth of 3.1% in  June. Within retail sales,… Continue Reading…

Economy

“Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit”

“Prices that consumers pay for a variety of goods and services rose 8.5% in July from a year ago, a slowing pace from the previous month due largely to a drop in gasoline prices. On a monthly basis, prices were… Continue Reading…

Personal Finance

“Consumer complaints up 31% since 2018 about collection attempts for medical debt not actually owed, federal watchdog finds”

“For some consumers, medical debt they don’t even owe appears to ends up haunting them anyway. Complaints jumped 31% from 2018 to 2021 about debt collectors attempting to get consumers to fork over amounts that already were paid or otherwise… Continue Reading…

Real Estate

“A record low number of consumers say now is a good time to buy a home”

“…A monthly survey from Fannie Mae showed home purchase sentiment in January fell to its lowest level since May 2020, at the start of the pandemic. Weaker affordability is clearly the problem.   Just one quarter of respondents said now… Continue Reading…

Business

“J&J plans to split into two companies, separating consumer products and pharmaceutical businesses”

“Health-care conglomerate Johnson & Johnson announced plans Friday to split its consumer products business from its pharmaceutical and medical device operations, creating two publicly traded companies. The news sent shares higher in premarket trading. The separation will sheer off its household products… Continue Reading…

Economy

“U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years”

“The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago, the most since December 1990. That compared with the 5.9% Dow Jones estimate. On… Continue Reading…