All The New Economy
One third of Americans have debt in collections, study finds. Cause for concern?Thirty-five percent of Americans with credit reports have debt in collections, according to the Urban Institute. The debt load may seem alarming, but it hasn't changed much in a decade.
Carlos Slim says three-day work week should be standard. Could it work?Carlos Slim, Mexican telecoms tycoon and the world's richest man, says people should work three days a week, but not retire until they are in their seventies. Others, including Google co-founder Larry Page, share Carlos Slim's vision of shorter work weeks, but is it a serious option for companies and workers?
US teens are just 'average' at financial literacy, study finds. How can they improve?US 15-year-olds rank average on financial literacy, according to the Organization for Economic Co-operation and Development. About 20 percent of US teens didn’t reach the baseline level of financial literacy, which some say is evidence that more finance education is needed.
June unemployment report dazzles: five important takeawaysThe economy added an unexpected 288,000 jobs in June, the best employment report for the US in six years. Beyond the eye-catching numbers, there were other reasons for optimism in the June jobs report.
Economy shrinks 2.9 percent, worst drop in five years. But why worry?The US economy shrank an unexpected 2.9 percent in the first three months of 2014, its worst performance in five years. Happily, experts see signs of a strong economic rebound for the rest of the year.
Saving for a rainy day? 1 in 4 Americans don't.Twenty-six percent of Americans have no emergency savings of any kind, and a majority have less emergency saving than experts recommend, according to a study from Bankrate. Even as the rest of the economy improves, the US savings rate has been trending downward for decades.
Moving out? More young adults leaving Mom and Dad, forming households.Young adults in the US increasingly are moving out and forming their own households as the economy improves, according to a recent report from Barclays.
US home prices are rising, but more slowlyUS home prices rose in March, but house prices are losing momentum, according to a report released Tuesday. When will the US housing market return to normal?
Housing starts surge. How it's widening the wealth gap.Housing starts jumped 13.2 percent in April, but some experts aren't celebrating. Most of the housing starts gains were in the multifamily sector, which, along with low wages and a stagnant recovery in well-paid full-time jobs, could signal a growing class of long-term renters in the US.
Student debt carriers have lower net worth, higher debt overall, study findsStudent debt impacts household finances far beyond the loans themselves, according to a Pew Research Center report released Wednesday. On average, debt-carrying college-educated households have $8,700 in net worth – one seventh that of their debt-free counterparts.
Dow hits a new record – and it can keep climbingThe Dow hit a new record Friday. Despite widespread skepticism, there are reasons to think the stock market can continue climbing.
Apple primed to become your mobile walletApple has been slowly laying the foundation to become the leader of e-commerce and mobile payments, and all the pieces are just about in place.
Fed is powerful, but not free of mistakesThe Federal Reserve, which on Wednesday decided to continue with its tapering program by withdrawing $10 billion of monthly stimulus money, directs US monetary policy with a combination of data and anecdote, quantitative analysis and horse sense. But sometimes the world's most powerful bank gets it wrong, as a new book points out.
Unemployment rate falls, but teens get left behindUnemployment rate plunged to 6.3 percent in April, but teen employment still lags behind pre-recession levels. Why the high teen unemployment rate? Fewer teens want to work, and the ones who do face increased competition from immigrants, retirement-age workers, and even college and high school graduates.
Mobile wallet battle heats up among PayPal, Apple, and GoogleGoogle is upping the stakes in the battle for online transactions by rolling out a service that allows Gmail users to send money and sign up for Google Wallet. Apple and PayPal are pushing their own versions of one-click pay services.
New home sales plummet in March. Bad weather, or bad market?New home sales plunged an unexpected 14.5 percent in March, according to a report released Wednesday by the Commerce Department. New home sales figures can be volatile, but the surprise drop combined with other weak reports is worrying for the housing market's nascent recovery.
Existing home sales hit slowest pace since 2012. Why analysts aren’t worried.Existing home sales fell 0.2 percent last month and 5.7 percent below the level seen in March 2013. Still, analysts expect the busy spring buying season and improving weather to turn around existing home sales figures.
Retail sales impress. Economy's 'winter' problem appears over.Retail sales rose a surprising 1.1 percent in March, posting their biggest gain in 18 months. The strong retail sales report is another sign that terrible winter weather was largely to blame for a lackluster economic start to 2014.
Wall Street tools can help the world’s poorBy hedging against currency swings, microfinance companies can lend to the poor in developing nations without exposing themselves to the risks of loans that are suddenly more expensive to pay back. But many microfinance loans still put their poor borrowers at risk of currency fluctuations.
Prom bubble? Spending on prom night falls sharply.Prom spending is expected to fall 14 percent among teenagers after two years of sharp increases, according to new survey. Less extravagant fashion trends and gloomy winter weather may help curb teens' spending on prom, traditionally a high-priced American rite-of-passage.
