This week on “Inside the Economy”, we explore the improving job market and current debt trends during the coronavirus pandemic. Unemployment rates continue to improve as people get back to work and stop collecting unemployment benefits. A combination of spending less and uncertainty surrounding the future has Americans paying down debt. Where are debt delinquencies increasing and where are they decreasing? Many U.S. citizens are sitting on additional cash, but how much cash is currently sitting in the U.S. banking system? Corporations continue to issue new bonds as money remains “cheap” due to low interest rates. Tune in to hear about all of this and more!
- Unemployment rates and outstanding benefit claims continue to decrease
- Unemployment benefits made-up over 30% of U.S. personal income, but has declined
- Outstanding consumer debt has reduced as Americans pay off loans
- There is currently over $12 trillion in cash sitting in American’s savings accounts
- Gross corporate bond issuance in 2020 has exceeded years past