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Economy, Personal Finance

“Amid persistent inflation, 54% of Americans are using savings to pay for everyday expenses”

“…Prices continued their upward momentum in January, rising 0.5% for the month and 6.4% over the past 12 months, according to the latest consumer price index data released by the U.S. Bureau of Labor Statistics. To make ends meet, 27% of Americans said… Continue Reading…

Economy

“Millionaires plan to cut their holiday spending due to inflation”

“American millionaires are trimming their holiday spending and becoming more budget-conscious as a result of inflation, a sign that spending cuts are now rising up the wealth ladder, according to a CNBC survey. The CNBC Millionaire Survey found 80% of… Continue Reading…

Economy

“UK finance minister announces tax hikes and spending cuts, says country is in recession”

“The U.K. government on Thursday unveiled a sweeping £55 billion ($66 billion) fiscal plan as it seeks to plug a gaping hole in the public finances and restore Britain’s economic credibility, even as the country teeters on recession. Finance Minister… Continue Reading…

Banking

“Fed Is Losing Billions, Wiping Out Profits That Funded Spending”

“The bond market is enduring its worst selloff in a generation, triggered by high inflation and the aggressive interest-rate hikes that central banks are implementing. Falling bond prices, in turn, mean paper losses on the massive holdings that the Fed… Continue Reading…

Economy

“The typical U.S. household is spending $445 more a month due to inflation…”

“Inflation is causing American households to spend $445 more per month buying the same items they did a year ago, according to an estimate from Moody’s Analytics. Consumer prices jumped by 8.2% in September versus the same month in 2021, the U.S.… Continue Reading…

Economy

“Retail sales dropped 1.9% in December as higher prices caused consumers to curb spending”

“…The advance monthly sales report to close out the year showed a decline of 1.9%, considerably worse than the Dow Jones estimate for just a 0.1% drop. Excluding autos, sales fell 2.3%, a number that also fell well short of… Continue Reading…

Economy

“Economic growth rate slows to 2% on a sharp slowdown in consumer spending”

“The U.S. economy grew at a 2% rate in the third quarter, its slowest gain of the pandemic-era recovery, as supply chain issues and a marked deceleration in consumer spending stunted the expansion, the Commerce Department reported Thursday. Gross domestic… Continue Reading…

Banking, Economy

“Bank of America CEO Brian Moynihan says consumer spending is 20% higher this year than 2019”

“Transaction volumes on customers’ credit and debit cards and over the Zelle payment network has grown by 20% so far this year compared to this point in 2019, Moynihan told CNBC’s Becky Quick Monday on CNBC’s “Squawk Box.” The comparison… Continue Reading…

Personal Finance

“Almost half of Americans are willing to take on debt in a post-pandemic spending splurge, survey finds”

“Americans are ready to start spending money to treat themselves — and 44% are willing to go into debt to do it, a report from CreditCards.com finds. Millennials, ages 24-40, are most likely to take on more debt (59%) followed by Gen… Continue Reading…

Banking, Economy

“$1,163,090,000,000: Federal Spending Sets Record Through December”

“The federal government spent a record $1,163,090,000,000 in the first three months of fiscal 2020 (October through December), according to the Monthly Treasury Statement released Monday afternoon. That was up $48,008,200,000 from the $1,115,081,800,000 (in constant December 2019 dollars) that the… Continue Reading…