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  Milwaukee , Wis. – Is your New Year’s Resolution to get out of debt? Improving your finances and increasing your savings is a common goal on January 1, but it’s not always easy, especially this year. If you are in debt, you’re not alone. With COVID-19 causing budgets to be stretched in many households, total American household debt is only rising. According to the US Federal Reserve’s Center for Microeconomic Data, “total household debt increased by $87 billion… in the third quarter of 2020.” The relief measures offered by the CARES act and other programs have provided mu...

The story of the pandemic is also a story about debt. One recent survey, conducted in October, found that more than a quarter of respondents had accumulated over $10,000 in new debts during the crisis. One in three had taken out a new credit card. An analysis from Philadelphia found a 70 percent increase from last year in people paying rent on credit and that, by December, rent-burdened households will owe roughly $7.2 billion in back rent, an average individual burden of $5,400. The crisis of American debt predates the pandemic, but it’s clear that nine months of record unemployment and l...

z sce_labor.png This increase was due to a decline in transitions into unemployment (from 10.5 percent in July to 0.8 percent). Among those who were employed four months ago, transitions out of the labor force also increased, rising from 0.7 percent in July to 4.0 percent in November. This increase was most pronounced among women and respondents without a college degree. The average expected likelihood of moving into unemployment over the next four months, for those who are currently employed, remained essentially unchanged at 3.6 percent. The average reservation wage—the lowest wage respon...

November 2020 Consumer Expectations Rise Despite Flat Income and Earning Expectations The Federal Reserve Bank of New York's Center for Microeconomic Data released the November 2020 Survey of Consumer Expectations, which shows that despite flat income and earnings growth expectations, households' year-ahead spending growth expectations rose sharply in November to 3.7%, the highest level recorded in more than 4 years. z sce.png Labor expectations were mixed with deteriorating expectations about the unemployment rate and improving expectations about job security. After returning to their pre-...

By Lambert Strether of Corrente. Readers, it occurred to me that although we writers have now gone some days without any of those 524/522 errors that were plaguing us, I never personally thanked our expert and patient technical team for fighting their way through to the correct insight that solved a difficult intermittent problem. So thank you! –lambert Bird Song of the Day A swamp bird (editorializing just a little bit on this, Electoral College Day). #COVID19 At reader request, I’ve added this daily chart from 91-DIVOC. The data is the Johns Hopkins CSSE data. Here is the site. I feel I...