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While unemployment remains near historic lows, the Federal Reserve's inflation-fighting interest rate hikes are starting to weigh on households. Consumer confidence fell more than expected in August, while delinquency rates among credit cards issued by smaller banks are the highest on record, according to data from the Apollo Group. Payments on approximately $1.1 trillion of federal student loans will resume in October, potentially setting consumers up for a "payment shock" of $500 or more each month, according to a study by TransUnion.

Department store Nordstrom said last week that delinquencies on its store cards are now higher than pre-pandemic levels. Rival Macy's said it expects late payments to reduce credit-card revenues by 41% from the previous quarter.

Consumer confidence fell more than expected in August, while delinquency rates among credit cards issued by smaller banks are the highest on record, according to data from the Apollo Group.

Signs of rising consumer stress are prompting some fund managers to grow more conservative in their outlooks, even as the broad stock market continues to rally. While unemployment...

Betting against the consumer spending has so far been a losing wager