Spending Remains High As Americans Burn Through Savings
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Spending Remains High As Americans Burn Through Savings
Spending Remains High , As Americans Burn Through, Savings.
'Newsweek' reports that Americans' robust economic activity
in the third quarter came despite dwindling incomes
and savings amid high inflation and borrowing costs.
In Q3, the U.S. economy expanded by
almost 5% due to increased spending,
according to the Bureau of Economic Analysis.
In Q3, the U.S. economy expanded by
almost 5% due to increased spending,
according to the Bureau of Economic Analysis.
'Bloomberg' economist Eliza Winger
called it a "frenzy of summer
spending on travel and entertainment.".
However, 'Newsweek' reports that
the increased spending has taken
a toll on household pocketbooks.
Savings dropped to $776.9 billion in Q3,
falling from $1.04 trillion in Q2.
Meanwhile, personal income fell to $199.5 billion
in Q3, down from $239.6 billion in Q2.
At the same time, disposable income
rose by just 1.9%, compared
to a 6.1% increase in Q2.
.
According to government data, consumers spent billions
on retail and food services in Q3 and expect to continue
spending during the upcoming holiday season.
According to government data, consumers spent billions
on retail and food services in Q3 and expect to continue
spending during the upcoming holiday season.
Earlier this week, American Express
predicted that travel and entertainment
spending would remain robust.
.
Earlier this week, American Express
predicted that travel and entertainment
spending would remain robust.
.
September saw sales of new single-family
homes increase by over 12% compared to
August and jump by almost 34% compared to 2022
Credit Card Delinquencies , Are on the Rise.
New York Federal Reserve data that was published on May 15 shows that credit card delinquencies kept rising from January to March, Fox Business reports. .
In Q1 2024, delinquencies reached
8.9% at an annualized rate.
America hasn't seen this high of a
percentage of serious credit card
delinquencies since 2012, Fox News reports. .
In the first quarter of 2024, credit
card and auto loan transition rates
into serious delinquency continued
to rise across all age groups, Joelle Scally, regional economic principal within the Household and
Public Policy Research Division at the New York Fed, via Fox Business.
An increasing number of borrowers
missed credit card payments,
revealing worsening financial
distress among some households, Joelle Scally, regional economic principal within the Household and
Public Policy Research Division at the New York Fed, via Fox Business.
Researchers aren't sure why delinquencies
are so high since the unemployment rate
is low, but they have a few theories.
One of those theories is that consumers drained savings throughout the pandemic
but continue to spend at high levels.
Another theory is that some Americans switched to jobs with lower salaries.
Additionally, credit card eligibility may have been expanded for many whose student debt wasn't being reported to credit bureaus amid the pandemic.
These are all kinds of complex issues.
We don't exactly know what's behind the
increase of these delinquency rates. But it's
definitely something that we're tracking, New York Fed researchers, via Fox Business.
The average annual percentage rate for
credit cards hit a record of 20.72% recently.
Credit: Wibbitz Top Stories Duration: 01:31Published
Experts Question Claim , That Yogurt Can Help , Prevent Type 2 Diabetes.
Associated Press reports that the United States Food
and Drug Association's recently allowed yogurt
producers to claim it reduces the risk of Type 2 diabetes. .
However, at the time, the agency acknowledged
that the claim is based on limited evidence.
In 2018, Danone North America, the U.S. side
of the French firm, sought FDA clearance
for making the "qualified health claim.".
Qualified health claims lack full scientific support
but are allowed as long as manufacturers include
a disclaimer to avoid misleading the public.
Similar qualified health claims have been
allowed for dietary supplements since
2000 and for food products since 2002. .
In March of 2024,
the FDA granted
Danone's request. .
According to the FDA, there is some evidence
that eating at least 2 cups of yogurt a week
could reduce the risk of developing Type 2
diabetes, which impacts about 36 million Americans.
Critics of the FDA's decision have countered
that the claim is not based on randomized
control trials which could prove or disprove
yogurt's purported health benefits.
Critics of the FDA's decision have countered
that the claim is not based on randomized
control trials which could prove or disprove
yogurt's purported health benefits.
The Center for Science in the Public
Interest, an advocacy group, cautions
that no single food can reduce the risk of
developing a disease linked to overall diet.
AP reports that experts have expressed
concerns that the label change could encourage
people to eat yogurt high in sugar, which could
increase the risk of developing diabetes
Credit: Wibbitz Top Stories Duration: 01:31Published
FTC to Decide , Whether Noncompete Agreements , Should Be Banned.
After receiving over 26,000 public comments about the issue, the Federal Trade Commission is set to deliver its verdict on April 30, NPR reports. .
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
The commission said that if approved, the
final rule "would generally prevent most
employers from using noncompete clauses.".
Approximately one in five Americans, spanning minimum wage workers to CEOs, are subject to noncompete agreements, the FTC estimates. .
The Biden administration says that these types of agreements hurt workers by decreasing wages.
The White House also argues that these
agreements harm the U.S. economy because entrepreneurship isn't allowed to freely flourish. .
FTC Chair Lina M. Khan issued a statement when
the proposed ban was initially introduced.
The freedom to change jobs is
core to economic liberty and to
a competitive, thriving economy, FTC Chair Lina M. Khan, via statement.
Noncompetes block workers from
freely switching jobs, depriving
them of higher wages and better
working conditions, and depriving
businesses of a talent pool that
they need to build and expand, FTC Chair Lina M. Khan, via statement.
Businesses argue that noncompete agreements are essential for safeguarding investments and proprietary information.
Those businesses also question whether
the agency has the power "to regulate
such agreements," NPR reports. .
If the FTC votes to issue a final rule, enforcement wouldn't occur for 180 days,
and legal challenges would likely ensue.
Credit: Wibbitz Top Stories Duration: 01:31Published
Millennials Want a 4-Day Workweek, , Poll Indicates.
Redfield and Wilton Strategies recently conducted a poll for 'Newsweek' to find
out how Americans feel about the idea of moving toward a four-day workweek.
4,000 U.S. voters were
surveyed between April 6 and 7.
63% were in favor of a four-day workweek.
46% think the model makes
employees more productive.
Out of all age groups surveyed,
millennials accounted for 74% of those
who want to work less hours.
Of that 74%, 44% "were strongly in favor of a shorter working week," 'Newsweek' reports.
50% of people born in 1964 and before supported a four-day workweek.
The results come as more companies are adopting shorter workweeks, and politicians are pushing to advance the trend in Congress.
The results come as more companies are adopting shorter workweeks, and politicians are pushing to advance the trend in Congress.
The sad reality is, Americans now
work more hours than the people
of most other wealthy nations, Bernie Sanders, via March 2024 health committee hearing.
Lisa Countryman-Quiroz, CEO of non-profit JVS, called a 5-day, 40-hour workweek outdated.
The five-day workweek was created in a
different time. It served its purpose, but
today's world is more fast-paced and
technology-driven than our workplace
predecessors could have imagined, Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'.
Since implementing a
four-day workweek, our
results have been incredible. , Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'.
We've found our employees are more
productive, report better work-life balance,
and experience less burnout. Incredibly, our
turnover rate has been cut nearly in half, Lisa Countryman-Quiroz, CEO of non-profit JVS, via 'Newsweek'
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
Biden Looks to Energize , Young Voters With Earth Day , Solar Energy Grants.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
NBC reports that President Joe Biden will mark
Earth Day with the announcement of $7 billion
in federal grants for residential solar projects.
The grants will bring solar energy
to over 900,000 households in both
low- and middle-income communities. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
According to senior administration officials, the
projects receiving additional funding will reduce emissions
by 30 million metric tons and save $350 million every year. .
NBC reports that solar power has gained
traction as a clean energy source that could
help reduce U.S. reliance on fossil fuels.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
However, the high cost of initial installation
makes solar energy inaccessible
for many households in the U.S.
49 of the new grants will be awarded at
the state level, six more will serve Native American
tribes and another five are multi-state awards.
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
The grants will be used for renewable
investments that include rooftop solar
and community solar gardens. .
Officials say that the latest environmental
announcements are part of an effort to energize
young voters ahead of his upcoming reelection campaign.
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
Biden also reportedly plans to expand the
American Climate Corps green jobs training program,
which was created last year by executive action. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda. .
The corps, which will offer nearly 2,000 positions across
36 states, is meant to offer young Americans the chance
to help enact the Biden administration's climate agenda.
Credit: Wibbitz Top Stories Duration: 01:31Published
'Gameday Gourmet' Daniyal Khan heads to the seaside to check out the best bites in Brighton - and puts the matchday meals to the test with Seagulls fans at the.. BBC Sport
Vivek Ramaswamy won't be Donald Trump's running mate, per Bloomberg. Trump aims to include him in his administration despite this decision. Ramaswamy withdrew from the presidential race after Iowa. He endorsed Trump and suspended his campaign. Trump has several potential vice presidential candidates, including Tim Scott and Ron DeSantis.
#VivekRamaswamy #DonaldTrump #Trump2024 #RamaswamyTrump #RonDesantis #Trump #Truthsocial #VicePresident #Worldnews #USelections #IndiaNews #Oneindia #Oneindianews
~HT.178~GR.123~PR.152~ED.103~
![Credit Card Delinquencies Are on the Rise [Video]](https://video.newsserve.net/300/v/20240515/1375583962-Credit-Card-Delinquencies-Are-on-the-Rise.jpg)
![Experts Question Claim That Yogurt Can Help Prevent Type 2 Diabetes [Video]](https://video.newsserve.net/300/v/20240510/1375191810-Experts-Question-Claim-That-Yogurt-Can-Help-Prevent.jpg)
![FTC to Decide Whether Noncompete Agreements Should Be Banned [Video]](https://video.newsserve.net/300/v/20240423/1373526476-FTC-to-Decide-Whether-Noncompete-Agreements-Should-Be.jpg)
![Millennials Want a 4-Day Workweek, Poll Indicates [Video]](https://video.newsserve.net/300/v/20240422/1373469894-Millennials-Want-Day-Workweek-Poll-Indicates.jpg)
![Biden Looks to Energize Young Voters With Earth Day Solar Energy Grants [Video]](https://video.newsserve.net/300/v/20240422/1373447144-Biden-Looks-to-Energize-Young-Voters-With-Earth.jpg)
![Vivek Ramaswamy Ruled Out As Vice President As Trump Eyes Other Roles for Him | Oneindia News [Video]](https://video.newsserve.net/300/v/20240319/1369472798-Vivek-Ramaswamy-Ruled-Out-As-Vice-President-As.jpg)
