After the recession, ARM firms who adapted their business practices are capitalizing on new opportunities as the economy improves.
After a blockbuster employment report to begin 2015, the Labor Department reported early Friday that the labor market corrected itself a bit in February. While job growth was robust last month, 295,000 added, and the unemployment rate dropped to 5.5 percent, wage growth was very slow and the labor participation rate fell slightly.
New research studies from Experian, the leading global information services company, found that by adding on-time alternative payment data to credit report files, millions of consumers could gain access to basic financial services such as loans and credit cards
The percentage of Americans with at least one account in the third party debt collection system fell to a post-financial crisis low in the fourth quarter of 2014, according to a report released Tuesday by the Federal Reserve Bank of New York. The average balance of accounts in collection also fell for a second straight quarter.
The U.S. Labor Department early Friday said that non-farm payrolls in the country grew by 257,000 in January, slightly more than what analysts had expected. The headline unemployment rate actually increased to 5.7 percent from 5.6 percent in December. But that, combined with other data released, is a positive development in one of the best jobs reports in decades.
Just over a quarter million jobs were added to the American economy in December 2014 as the official unemployment rate dipped to 5.6 percent, the lowest reading since June 2008. While the gains were broad-based and slightly higher than expectations, wages unexpectedly dipped in the month for the first time this year.
Delinquencies continued to decline in last year’s third quarter, falling in seven out of 11 categories as the economy improved and consumers responsibly managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The U.S. credit card market bounced back in the second quarter as the economy improved, according to the American Bankers Association’s December 2014 Credit Card Market Monitor report. The number of new accounts increased and monthly purchase volumes picked up, while the distribution of accounts resumed its shift away from “revolvers” who carry balances month-to-month.
It’s been seven years since the start of the Great Recession, and the impact of this event has been dramatic, long-lasting and widespread. The economy has only recently shown evidence of returning to pre-downturn levels of performance.
A recent credit report study from TransUnion found that the composition of loans that people typically carry has materially changed for both the youngest and oldest segments of the population during the last decade. Not only did economic forces prompt change, but general demographic shifts have changed the composition of outstanding credit among different age groups in the U.S.