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Most Americans can’t afford a $1,000 emergency. A majority, or 64%, of Americans don’t have enough cash on hand to handle a $1,000 emergency expense, according to a survey by the National Foundation for Credit Counseling, or NFCC. Only 36% said they would tap their rainy day funds for an emergency. The rest of the 2,700 people Continue reading No Money for an Emergency – Study Finds Most Families Have No Cash for a Rainy Day Unemployment and global debt worries continue to hurt the economy, adding financial pressure on families that increasingly rely on food stamps. Nearly 15% of the U.S. population relied on food stamps in May, according to the United States Department of Agriculture. The number of Americans using the government’s Supplemental Nutrition Assistance Program (SNAP) – more Continue reading Unemployment, Economy Contribute to Record Use of Food Stamps Payrolls at U.S. companies increased by a slow 114,000 in July, suggesting modest job growth in the wake of debt reduction and fears of slower growth, in an employment report released by ADP. It was the 18th straight month of job growth in the ADP report. The ADP report covers only private-sector employment, and not government jobs. The Continue reading Debt and Slow Growth Keeps Hiring at Slow Pace The debt overhang and unemployment continue to hurt the economy. The Thomson Reuters/University of Michigan final index of consumer sentiment fell to 63.7, the weakest since March 2009, from 71.5 in June. Consumer spending from April through June showed the smallest gain since the second quarter of 2009, when the economy was in recession, the Commerce Department Continue reading Debt, Unemployment and Slow Growth Continue to Hurt Economy Weak consumer spending, slow job growth and tight credit are restraining growth into the second half of the year. Growth slowed in eight of the Fed’s 12 bank regions in June and early July, the Federal Reserve’s “Beige Book” reports. That marks the worst economic showing this year. The Fed’s report found that the job market remained Continue reading Weak Consumer Spending, Slow Job Growth and Tight Credit are Restraining Growth – Beige Book Confidence among U.S. consumer fell in July to the lowest level in more than two years, adding to concern that weak employment gains and falling home prices may keep households from spending. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment decreased to 63.8, the weakest reading since March 2009, from 71.5 the prior month. Continue reading Consumer Confidence Lowest in Two Years, Reflecting Employment, Debt and Housing The 3-percentage-point gap between yields for three-month and 10-year Treasuries indicates the economy may grow 1.1 percent in the 12 months ending June 2012, a study by the Fed Bank of Cleveland says. That’s less than half the central bank’s current forecast, and may delay any rate increase from the zero- to-25 basis point range Continue reading Bond Rates Show Slow Growth in Economy The Federal Reserve reported on July 8, 2011 that consumer debt rose $5.1 billion in May, the eighth straight monthly increase. It followed a revised gain of $5.7 billion in April. Borrowing in the category that covers credit cards increased, as did borrowing in the category for auto and student loans. The Federal Reserve’s borrowing Continue reading Consumer Debt Increases Again – Credit Cards, Auto Loans and Student Debt Rise Federal Reserve Bank of Dallas President Richard Fisher said he sees economic growth picking up in the second half while remaining slow, and the Fed sustaining its record asset holdings for an “appropriate” period. “It’s going to take quite some time to achieve a glide path that brings unemployment down significantly. It’s a slow recovery and Continue reading Debt and Unemployment Keeping Economy Growth Slow – Fisher The quantitative easing that the Fed provided may have helped debt and equity markets. Mark Zandi, chief economist at Moody’s Analytics, said the QE2 bond purchases gave a sagging economy a lift by slightly reducing borrowing costs for businesses and consumers and by raising stock prices to make people feel wealthier. Still, it didn’t much energize Continue reading Debt, Equity and QE2 – Bond Purchases May Have Helped |
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