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22 posts from "May 2020"
May 5, 2020

U.S. Consumer Debt Payments and Credit Buffers on the Eve of COVID‑19

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw

Today, the New York Fed’s Center for Microeconomic Data released the Quarterly Report on Household Debt and Credit for 2020:Q1. Because consumer debt servicing statements are typically furnished to credit bureaus only once during every statement period, our snapshot of consumer credit reports as of March 31, 2020 is, in effect, a pre-COVID-19 view of the consumer balance sheet. While significant indications of the pandemic are yet to appear in our Consumer Credit Panel (CCP—the data source for the Quarterly Report, based on Equifax credit reports), we are able to observe the credit position of the American consumer just as the pandemic and associated lockdowns struck the United States.

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Posted at 11:00 am in Household Finance | Permalink
May 4, 2020

W(h)ither U.S. Crude Oil Production?

Matthew Higgins and Thomas Klitgaard

The rapid increase in U.S. oil production of recent years was looking difficult to sustain before the pandemic, as evidenced by the limited profitability of the sector. Now, U.S. producers may have to bear the brunt of the global supply adjustment needed over the near term.

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Posted at 7:00 am in Financial Markets, Macroeconomics, Pandemic | Permalink
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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.

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Most Read this Year

  1. Credit Card Delinquencies Continue to Rise—Who Is Missing Payments?
  2. Delinquency Is Increasingly in the Cards for Maxed-Out Borrowers
  3. What Was Up with Grocery Prices?
  4. Auto Loan Delinquency Revs Up as Car Prices Stress Budgets
  5. Taking Stock: Dollar Assets, Gold, and Official Foreign Exchange Reserves
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