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108 posts on "Household Finance"

February 19, 2019

Just Released: Introducing the SCE Household Spending Survey



Introducing the SCE Household Spending Survey

Today we are releasing new data on individuals’ experiences and expectations regarding household spending. These data have been collected every four months since December 2014 as part of our Survey of Consumer Expectations (SCE). The goal of this blog post is to introduce the SCE Household Spending Survey and highlight some of its features.

Continue reading "Just Released: Introducing the SCE Household Spending Survey" »

February 12, 2019

Just Released: Auto Loans in High Gear



LSE_Just Released: Auto Loans in High Gear

Total household debt increased modestly, by $32 billion, in the fourth quarter of 2018, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Although household debt balances have been rising since mid-2013, their sluggish growth in the fourth quarter was mainly due to a flattening in the growth of mortgage balances. Auto loans, which have been climbing at a steady clip since 2011, increased by $9 billion, boosted by historically strong levels of newly originated loans. In fact, 2018 marked the highest level in the nineteen-year history of the loan origination data, with $584 billion in new auto loans and leases appearing on credit reports, up in nominal terms from 2017’s $569 billion. In this post, we take a closer look at the composition and performance of outstanding auto loan debt using the New York Fed’s Consumer Credit Panel (CCP), which is based on anonymized Equifax credit data and also the source for the Quarterly Report.

Continue reading "Just Released: Auto Loans in High Gear" »

Posted by Blog Author at 11:02 AM in Household Finance | Permalink | Comments (8)

January 04, 2019

The Impact of Import Tariffs on U.S. Domestic Prices



LSE_The Impact of Import Tariffs on U.S. Domestic Prices

The United States imposed new import tariffs on about $283 billion of U.S. imports in 2018, with rates ranging between 10 percent and 50 percent. In this post, we estimate the effect of these tariffs on the prices paid by U.S. producers and consumers. We find that the higher import tariffs had immediate impacts on U.S. domestic prices. Our results suggest that the aggregate consumer price index (CPI) is 0.3 percent higher than it would have been without the tariffs.

Continue reading "The Impact of Import Tariffs on U.S. Domestic Prices" »

Posted by Blog Author at 7:00 AM in Household Finance, International Economics | Permalink | Comments (5)

December 03, 2018

Just Released: A Closer Look at Recent Tightening in Consumer Credit



LSE_Just Released: A Closer Look at Recent Tightening in Consumer Credit


The Federal Reserve Bank of New York released results today from its October 2018 SCE Credit Access Survey, which provides information on consumers' experiences with and expectations about credit demand and credit access. The survey is fielded every four months and was previously fielded in June.

Continue reading "Just Released: A Closer Look at Recent Tightening in Consumer Credit" »

Posted by Blog Author at 11:00 AM in Credit, Demographics, Expectations, Household Finance, Mortgages | Permalink | Comments (2)

November 16, 2018

Just Released: A Look at Borrowing, Repayment, and Bankruptcy Rates by Age



LSE_2018_A Look at Borrowing, Repayment, and Bankruptcy Rates by Age

Household debt balances increased in the third quarter of 2018, a seventeenth consecutive increase. Total debt balances reached $13.51 trillion, a level more than 20 percent above the trough reached in 2013, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. With today’s report we begin publishing a new set of charts that depict debt and repayment outcomes by the age of the borrower. The report and this analysis are based on the New York Fed Consumer Credit Panel (CCP), a 5 percent sample of anonymized Equifax credit reports. Here we’ll highlight three of the new charts.

Continue reading "Just Released: A Look at Borrowing, Repayment, and Bankruptcy Rates by Age" »

Posted by Blog Author at 11:01 AM in Credit, Household Finance | Permalink | Comments (0)

September 28, 2018

Just Released: Are Employer-to-Employer Transitions Yielding Wage Growth? It Depends on the Worker’s Level of Education



LSE_2018_Just Released: Are Employer-to-Employer Transitions Yielding Wage Growth? It Depends on the Worker’s Level of Education

The rate of employer-to-employer transitions and the average wage of full-time offers rose compared with a year ago, according to the Federal Reserve Bank of New York’s July 2018 SCE Labor Market Survey. Workers’ satisfaction with their promotion opportunities improved since July 2017, while their satisfaction with wage compensation retreated slightly. Regarding expectations, the average expected wage offer (conditional on receiving one) and the reservation wage—the lowest wage at which respondents would be willing to accept a new job—both increased. The expected likelihood of moving into unemployment over the next four months showed a small uptick, which was most pronounced for female respondents.

Continue reading "Just Released: Are Employer-to-Employer Transitions Yielding Wage Growth? It Depends on the Worker’s Level of Education" »

August 14, 2018

Just Released: Cleaning Up Collections



Just Released: Cleaning Up Collections

Household debt balances continued their upward trend in the second quarter, with increases in mortgage, auto, and credit card balances, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. Student loans were roughly flat, a typical seasonal pattern in the second quarter. The Quarterly Report contains summaries of the types of information that is covered in credit reports, sourced from the New York Fed Consumer Credit Panel (CCP). The CCP is based on anonymized Equifax credit reports and is the source for the analysis provided in this post, which focuses on an area that until recently has received little attention: collections accounts.

Continue reading "Just Released: Cleaning Up Collections" »

Posted by Blog Author at 11:00 AM in Household Finance | Permalink | Comments (4)

June 27, 2018

Why New York City Subway Delays Don’t Affect All Riders Equally



LSE_2018_Why New York City Subway Delays Don’t Affect All Riders Equally

The state of the New York City subway system has worsened considerably over the past few years. As a consequence of rising ridership and decaying infrastructure, the network is plagued by delays and frequently fails to deliver New Yorkers to their destinations on time. While these delays are a headache for anyone who depends on the subway to get around, they do not affect all riders in the same way. In this post, we explain why subway delays disproportionately affect low-income New Yorkers. We show that wealthier commuters who rely on the subway are less likely to experience extensive issues on their commutes.

Continue reading "Why New York City Subway Delays Don’t Affect All Riders Equally" »

May 23, 2018

Mixed Impacts of the Federal Tax Reform on Consumer Expectations



LSE_Mixed Impacts of the Federal Tax Reform on Consumer Expectations


The Tax Cuts and Jobs Act of 2017 changed the tax brackets, tax rates, credits and deductions for individuals and similarly altered corporate tax rates, deductions and exclusions. In this post, we examine whether the reform has shifted individuals’ expectations about their financial situation and the macroeconomic outlook. We also ask whether households have already started to adjust their behavior in line with their expectations. In order to answer these questions, we use novel data from a special module of the New York Fed’s Survey of Consumer Expectations (SCE) fielded in February 2018 to a nationally representative sample of heads of households.

Continue reading "Mixed Impacts of the Federal Tax Reform on Consumer Expectations" »

Posted by Blog Author at 7:00 AM in Household Finance, Labor Economics | Permalink | Comments (0)

May 17, 2018

Just Released: New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used



LSE_2018_Just Released: New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used

At a press briefing this morning, economists at the New York Fed focused on the evolution of housing wealth and its use as collateral. Their comments came in connection with the Center for Microeconomic Data’s release of its Quarterly Report on Household Debt and Credit for the first quarter of this year. The briefing opened with remarks from Director of Research Beverly Hirtle, who described the importance of housing wealth and how it has evolved since 2000. Bank economists then explored the data on housing wealth more deeply in this presentation, which includes three parts: (1) an overview of recent developments on household balance sheets, with a focus on housing values and mortgage debt; (2) a discussion of how housing wealth has changed over time and how it is distributed across households; and (3) facts on the changing nature of how households have used their home equity.

Continue reading "Just Released: New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used" »

Posted by Blog Author at 10:00 AM in Demographics, Household Finance, Mortgages | Permalink | Comments (0)
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