Americans Downshifted Their Credit Card Debt in March
May 07, 2024 03:43 PM EDT
Americans are either cutting back on spending or paying down their credit cards, according to new data from the Federal Reserve.
The nation’s total revolving debt—mainly credit card debt—grew by $152 million in March, a dramatic slowdown from the $10.7 billion added in February, and the smallest increase since April 2021, as the chart below shows.
Overall consumer debt, a measure that includes things like auto and student loans (but not mortgages), rose by $6.3 billion, less than half the $14.8 billion economists had anticipated according to a survey of forecasters by Dow Jones Newswires and the Wall Street Journal.
Powell’s Popularity Improves, But Majority Still Disapprove
May 07, 2024 03:22 PM EDT
Confidence in Federal Reserve Chair Jerome Powell improved slightly in 2024, a new survey from Gallup shows. However, Americans’ belief in the central bank chief is still near historic lows.
Just 39% of respondents said they have confidence that Powell will do the right thing for the economy. Powell has lost ground with the public, as he had a 58% approval rating in 2020. Last year, when price pressures rattled consumers, Powell’s approval dropped to 36%, the lowest result for his tenure.
Powell’s successor, Janet Yellen, never earned a rating of higher than 50% during their tenure.
The survey, which also asks about the economic performance of the U.S. president…
