Category: Economic News
The macro economy has a large impact on your personal finances. To help you manage your money better we track the import economic trends. Stay up to date so you can be prepared to adjust your personal finance strategies.
Economic News
Household Debt in the U.S. Dips For the First Time in Six Years
by Fioney Staff
Those looking for a silver lining to the current pandemic may have found one in a new report. According to the Federal Reserve Bank of New York, total household debt — which includes both housing and non-housing debt — came in at $14.27 trillion for the second quarter of the year. Importantly, that's down 0.2% (equating to $34 billion) from the previous quarter, marking the first time since 2014 that the... Economic News
United States Economy Contracts 32.9% in Q2
by Fioney Staff
As Congress continues to debate potential next steps for financial relief amid the coronavirus pandemic, new figures are showing the economic impacts of the disease. This morning, the Bureau of Economic Analysis reported that the United States’ gross domestic product declined by 32.9% during the second quarter of 2020. That marks the worst recorded quarterly GDP drop, nearly quadrupling Q4 2008’s 8.4% drop that held the previous title. The decline... Economic News
Americans' Concerns About Retirement Savings Increase
by Fioney Staff
With the current pandemic continuing to upend many Americans' way of life, it seems as though today's economic issues have workers worried about their financial futures. According to a new survey by Simplywise, 62% of respondents say they are more concerned about their retirement today than they were one year ago. What's more, this figure is up from 56% who said the same in May. As a result, 72% of... Economic News
Uber to Acquire Postmates for $2.65 Billion
by Fioney Staff
After the chance to purchase one popular delivery service fell through for the company, Uber is on to the next. This week the ride-sharing company announced that it intends to acquire Postmates to further grow its own delivery offerings, including Uber Eats. The all-stock transaction is valued at approximately $2.65 billion. Currently the deal is expected to close in the first quarter of 2021. The agreement to purchase Postmates comes... Economic News
U.S. Unemployment Rate Retreats to 11.1% in June
by Fioney Staff
Last month saw more Americans returning to work, even as the COVID-19 pandemic rolls on. According to the latest Bureau of Labor Statistics report, the United States economy reclaimed 4.8 million jobs in June. That's a notable increase from the 2.7 million added in May (adjusted from the original 2.5 million reported) and, as Axios notes, well exceeds the 3 million jobs that economists had anticipated to see from this... Economic News
U.S. Consumer Spending Increased in May, Income Fell
by Fioney Staff
With the United States still navigating unprecedented times due to the COVID-19 pandemic, a new report brings both good and bad news on the economic front. According to the latest figures from the Bureau of Economic Analysis, personal consumption expenditures (PCE) grew 8.2% in May to reach $994.5 billion.Economic News
Average Mortgage Rate Falls Below 3%
by Fioney Staff
Those looking to buy a home or to refinance may encounter lower interest rates than they have before. According to Mortgage News Daily, the average rate for a 30-year fixed mortgage fell to just 2.97% last week. That marks a new record low as the economy continues to experience impacts from the coronavirus pandemic. With this being an average, some borrowers with stellar credit may apparently even see rates as...