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Philadelphia Fed

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economy2 years ago•1 min saved

US Weekly Jobless Claims Hit 6-Month Low

Initial jobless claims unexpectedly dropped to 187,000, the lowest level since September 2022, while continuing claims also declined to 1.806 million. Despite the Federal Reserve's efforts to slow the economy, labor strength has persisted, with the supply-demand mismatch contributing to high inflation. The Philadelphia Fed's manufacturing index for January showed a reading of -10.6, indicating a mix of growth and contraction, with declines in unfilled orders, delivery times, and inventories.

via CNBC|

#economy #federal-reserve #inflation

finance2 years ago•0 min saved

"Credit Card Delinquencies Reach Decade High as Consumer Debt Surpasses $5 Trillion"

A study by the Federal Reserve Bank of Philadelphia has revealed that credit card delinquency rates have surged to their highest level in over a decade, surpassing pre-pandemic levels. The report indicates that almost 3.2% of card balances were at least 30 days past due as of the end of September, with the share of borrowers making only the minimum payment exceeding 10% for the first time since 2019. Additionally, the share of debts that are 60 and 90 days late has also seen a significant increase.

via Bloomberg|

#credit-card #debt #delinquency-rates

economy2 years ago•2 min saved

Federal Reserve Officials Discuss Interest Rates and Global Unrest

Philadelphia Federal Reserve President Patrick Harker believes that the central bank can hold interest rates steady, stating that the Fed has made substantial progress in bringing down prices without negatively impacting the economy. Harker's remarks align with other officials' recent statements and represent the most explicit endorsement yet of a pause in rate hikes. While inflation rates remain above the Fed's target, Harker emphasized the need to remain patient and cautious with the data, stating that the Fed will not tolerate a reacceleration in prices. He also indicated that rates may need to stay high for a while, but he would support further rate increases if inflation were to rebound.

via CNBC|

#economy #federal-reserve #inflation

economy2 years ago•2 min saved

Philadelphia Fed President Patrick Harker Signals End to Interest Rate Hikes

Philadelphia Federal Reserve President Patrick Harker suggests that the central bank may be at the end of its current rate-hiking cycle, citing progress in the fight against inflation and confidence in the economy. Harker believes that, barring any alarming new data, the Fed can be patient and hold rates steady to let previous monetary policy actions take effect. This comes after the Fed's 11th rate hike since March 2022, bringing the key interest rate to its highest level in over 22 years. While projections in June pointed to another hike this year, there are differing opinions among committee members. Markets are pricing in a high probability of the Fed maintaining rates at its September meeting, and Harker indicates that rate cuts are unlikely in the near future. He expresses confidence in a gradual progress towards the Fed's inflation goal and a soft landing for the economy.

via CNBC|

#economic-growth #economy #inflation