Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
Merchants and credit card issuers battled it out on Thursday as they testified to Congress on interchange fees. H.R. 2382, the Credit Card Interchange Fees Act of 2009, is a bill to amend the Truth in Lending Act, introduced in May by Representatives Peter Welch (D-VT) and Bill Shuster (R-Pa). The American Bankers Association (ABA) … Read more
The number of people filing for unemployment benefits for the first time decreased last week from the previous week, according to a report released today by the Labor Department. In the week ending October 3, the advance figure for seasonally-adjusted initial claims was 521,000, down 33,000 from the previous week’s revised figure of 554,000. Economists … Read more
The job outlook remains poor as employment continued to decline for the month of September, according to a report released by the U.S. Labor Department on Friday. The largest losses were in construction, manufacturing, retail trade, and government positions. Non-farm payroll employment decreased by 263,000 last month and the unemployment rate was 9.8%. Since the … Read more
Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to a report released on Thursday by the National Association of Realtors. The pending home sales index – a forward-looking indicator based on contracts signed in August – rose 6.4% to 103.8 from … Read more
Consumer delinquencies are hitting record levels as continued job losses, shorter work weeks, and falling incomes take their toll on consumer’s ability to pay their debts on time, according to a report released Thursday by the American Bankers Association. ABA’s Consumer Credit Delinquency Bulletin showed record-high quarterly delinquency rates in three key loan categories: home … Read more
Ken Lewis, chief executive officer and president of Bank of America, announced today that he plans to retire effective December 31, 2009 after forty years of service to one of the world’s largest financial institutions. Lewis began his career with North Carolina National Bank (NCNB) – the predecessor to NationsBank and Bank of America – … Read more
Consumers’ confidence in the present economic situation dipped in September after some improvement in August, according to a report released today by the Conference Board. The Conference Board Consumer Confidence Index stands at 53.1, down from 54.5 in August. The Present Situation Index decreased from last month’s 25.4 down to 22.7 for September. The Expectations … Read more
Initial claims for unemployment benefits for the week ending September 19 both decreased and increased, depending on whether we are comparing “seasonally-adjusted” or “unadjusted data,” according to a report released Friday by the U.S. Labor Department. New claims that week were a seasonally-adjusted 530,000, down 21,000 from the previous week’s revised figure of 551,000. The … Read more
The pace of existing-home sales declined last month after four months of strong gains but still remained above what it was a year ago, according to a report released Thursday by the National Association of Realtors. August sales – including existing single-family, townhomes, condominiums, and co-ops – declined 2.7% to a seasonally-adjusted annual rate of … Read more
The American Bankers Association testified on Thursday about the impact that the economic situation and current regulatory environment are having on small business lending. Austin Roberts, III, president and CEO of Bank of Lancaster in Kilmarnock, VA, testified before the House Small Business Committee. He said that it is now a critical time for banks … Read more
