Today's Business Headlines: 11/06/23
How Daylight Saving Time clock changes upend the economytied to a hot economy, while borrowing troubles increased in a way that if sustained could signal looming turbulence for the economy, a report from the Federal Reserve Bank of New York released Tuesday said.
“Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth,” said Donghoon Lee, a New York Fed economist, in a press release accompanying the report. Overall debt delinquency increased by 3% as of September from a 2.6% increase in the second quarter, the report said, while still standing below the 4.7% delinquency rate seen in the fourth quarter of 2019, just ahead of the pandemic’s arrival.
Pinning an explanation on the delinquency rise is “difficult” and “whether this is a consequence of shifts in lending, overextension, or deeper economic distress associated with higher borrowing costs and price pressures is an important topic for further research,” the post said.“The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans,” the Fed report noted.
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