Q1 2022 Experian/Oxford Economics Main Street Report

The better-than-expected September Jobs Report adds to the list of data that suggests the U.S. economy is heading for a soft landing. While challenges remain, the current backdrop is one of strong economic activity, a solid labor market, and a more accommodative Fed. Get North America Chief Economist Joseph Mayans’ charts and key takeaways on recent developments.

Explore Gen Z's habits and attitudes toward credit, personal finance, marketing, fraud and more.

Gen Z fast facts:

• There are 69.3 million Gen Z-ers in the United States.
• They spend six or more hours per day on their cell phones.
• They collectively demand purpose and accountability from brands they interact with.

They demand the creation of more opportunities for people of diverse and underrepresented backgrounds. Lack of financial resources and funding options are seen as barriers in achieving their goals.

Source: Statista, McKinsey & Company.

Learn how credit unions can optimize their credit limit strategies to grow card use, increase member loyalty and manage risk.

Fast facts:

• Credit card balances increased by $55 billion in December 2023, about four times the increase from November.
• 35% of holiday shopping was done in December 2023, peaking at 9% of total holiday sales the week before Christmas.
• 68% of credit card owners regularly use at least two credit cards.
• 41% opened their recent credit card because they wanted to build their credit score and history."

The U.S. small business sector faces a pivotal moment as it reflects on a year marked by economic resilience and cautious optimism. Despite widespread fears of a recession in 2023, consumer spending held steady, even amid rising costs. Business owners managed to navigate inflationary pressures, surprising themselves with customer willingness to adapt to price increases. Looking ahead to 2024, the economic outlook remains strong, but persistent inflation and uncertain lending conditions pose challenges. For small business owners contemplating growth, the question remains: is the economic landscape stable enough to transform plans into action? This edition explores the opportunities and uncertainties facing small businesses as they weigh expansion against ongoing market volatility.

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