A quick mid week recap. Tune into the cast or read some of the highlights.
As the Federal Reserve considers rate cuts, the strain on American consumers is becoming clear. Personal savings rates have fallen to 2.9%, down from 7% in 2021, revealing households’ struggles to cope with economic pressures. Many are forced to withdraw savings or incur additional debt.
Auto loan defaults have surged to levels not seen since the 2008 financial crisis, especially among subprime borrowers. Rising interest rates and escalating costs are pushing budgets to their limits, resulting in missed payments.
Consumer confidence has also sharply declined, with September levels matching those of the 2020 recession. Middle-aged Americans, typically in their peak earning years, face rising living costs and dwindling savings.
Stay tuned for Fridays report on inflation and more!
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