Consumer debt passes $17 trillion for the first time despite slide in mortgage demand
A clerk uses a credit card reader to charge a customer in Miami. Getty Images Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing. The total for borrowing across all categories hit $17.05 trillion, an increase of nearly […]
Why is demand so strong?
Today, we received another jobs report showing that the labor market remains red hot. Unemployment fell to 3.4%, a 54-year low. Job growth was 253,000, which is well above trend and well above pre-report estimates. By far the most important data point, however, is the growth rate of average hourly earnings. Nominal wages grew at […]