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August 10, 2022

Consumer debt has been rising as savings and incomes declined, and credit conditions are starting to tighten alongside rising delinquency rates, which can be a sign that the economic cycle has more downside.

We have written about the slowdown in consumer related economic data multiple times, (May 25, 2022; June 15, 2022; April 6, 2022) driven by a deceleration in real earnings (combination of higher consumer prices and the expiration of fiscal support), leading to a decline in savings rates and an acceleration in consumer credit to try...
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