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Report: State of the Economy, August 2024

by Josee Farmer 2 min read August 27, 2024

This series will dive into our monthly State of the Economy report, providing a snapshot of the top monthly economic and credit data for those in financial services to proactively shape their business strategies.

The labor market has been a source of strength for the U.S. economy coming out of the pandemic, providing workers with stable employment and solid wages. However, the labor market has slowed in recent months, with lower-than-expected job creation and rising unemployment, causing weakening sentiment in the broader market. This has resulted in increased pressure on the Federal Reserve to begin cutting rates and places more importance on the incoming data between now and the September FOMC meeting.

Data highlights from this month’s report include:

  • Job creation declined in July, falling short of economists’ expectations. Unemployment increased from 4.1% to 4.3%.
  • Inflation cooled again in July, with annual headline inflation easing from 3.0% to 2.9%.
  • GDP picked up in Q2 to 2.8%, primarily driven by strong consumer spending.

Check out our report for a deep dive into the rest of this month’s data, including the latest trends in originations, retail sales, and the new housing market.

Download August’s report

To have a holistic view of our current environment, it’s important to view the economy from different angles and through different lenses. Download our latest macroeconomic forecasting report for our views on what’s to come in the U.S. economy and listen to our latest Econ to Action podcast.

For more economic trends and market insights, visit Experian Edge.

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Growth, risk and the rise of "hidden" business accounts As inflation remains elevated and early signs of labor market cooling emerge, the credit card landscape is entering its next phase. Over the past few weeks, policy actions and discussions around potential interest-rate caps have driven increased uncertainty across the credit card industry and broader global markets. Lenders face a careful balancing act: capturing growth opportunities while maintaining disciplined risk oversight. Our second annual State of Credit Cards Report explores the macroeconomic forces influencing the market, key shifts in originations and delinquency trends, and lender mix. New this year, the report also digs into an often‑overlooked segment: business accounts hidden inside consumer credit card portfolios. Additionally, the report offers actionable strategies to help lenders segment risk and drive disciplined growth more effectively. Key insights include: 30+ DPD delinquency rates remained above pre-pandemic levels in 2025, underscoring the need for disciplined asset‑quality monitoring. Fintechs continue to gain ground, posting a 71% YOY increase in account originations.  Business accounts masked in the consumer credit card universe represent roughly 14% of balances and are more than 50% larger than the business card universe — a material segment with distinct risk and profitability dynamics that many lenders are not explicitly managing today. The report also outlines practical strategies to: Identify and segment business behavior within consumer portfolios. Align underwriting and account management with actual usage patterns. Capture targeted growth while protecting long‑term portfolio performance. Ready to dive deeper? Download the full 2026 State of Credit Cards Report to uncover insights that can help your organization manage risk more precisely and grow with confidence. Download report

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Take a deep dive into this month's economic and credit data, including trends in originations, job openings, and growth.

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