Individuals who have applied for credit are reporting higher approval rates, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today, which gauges consumers’ experiences and expectations regarding credit over the previous year. The results show that the share of applicants who received credit in the past 12 months rose
The NFIB Small Business Optimism Index decreased 4.2 points in June. Nine of the ten components posted declines over the last month, while the expected credit conditions component showed no change. The number of owners planning to increase employment fell 3 points from May to the lowest reading since September. Fifty-two percent of owners reported
Americans’ expectations for how much they will spend next year increased in June, rising from 4 percent to 4.3 percent, according to the Federal Reserve Bank of New York’s monthly Survey of Consumer Expectations.
There were $442.0 billion of retail and food services sales in June (after adjustment for seasonal variation and holiday and trading-day differences but not for price changes), according to the U.S. Census Bureau. This level represented a decrease of 0.3 percent from the previous month, but an increase of 1.4 percent from June of last
As part of an effort to assist Congress in addressing challenges related to delays in raising the debt limit, the Government Accountability Office has released its study on the effect of the 2013 debt limit impasse. Through interviews of budget and policy experts, along with an interactive web forum, the GAO identified three potential approaches
ABA President and CEO Frank Keating appeared on CNBC’s “Squawk on the Street” program on Friday to discuss the Fed’s rate hike timing and the global economic situation.
Citing improved labor market conditions, growing consumer spending and reduced “drag” from government fiscal policies, Federal Reserve Chairman Janet Yellen said today that she expects it will be appropriate to begin the process of raising the federal funds rate “later this year.”
Delinquencies in closed-end loans and bank cards edged down in the first quarter, driven by large declines in home loan-related delinquencies, according to the ABA Consumer Credit Delinquency Bulletin that was released today.
Consumer credit increased at a seasonally adjusted annual rate (SAAR) of 5.7 percent in May to $3.40 trillion.
Though several members agreed that the U.S. economy is moving towards their objectives, the Federal Open Market Committee (FOMC) in June concluded that conditions did not yet warrant an increase in the federal funds rate.