Americans' Pandemic Savings Are Gone—and the Economy Is Bracing for Impact

Delinquencies are rising, executives are flagging caution among shoppers, and retail sales barely increased in May after falling in April.

By Amara Omeokwe & By Laura Curtis | June 30, 2024 at 08:45 AM

Photo: A shopper on 5th Avenue in New York.

The pandemic savings cushions that helped Americans weather high prices in recent years have worn through, contributing to a loss of consumer firepower that's rippling through the economy.

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Federal Court Shuts down Expanded Overtime Pay Rule

By Michael Popke | November 21, 2024

According to a Texas judge, the U.S. Department of Labor overstepped its boundaries in raising the salary threshold.

Federal Court Shuts down Expanded Overtime Pay Rule

U.S. Initial Jobless Claims Decline

By Jarrell Dillard | November 21, 2024

Last week, unemployment applications fell to 213,000, the lowest level since April.

Treasury Department Flags Risks from New Cross-Border Payments Systems

By Christopher Anstey | November 21, 2024

Soon after BRICS leaders said they will build a cross-border payments system that bypasses Western platforms, a senior U.S. Treasury official warns that such a system would pose risks to international financial stability if it didn’t adhere to standards aimed at minimizing illicit activity.

Treasury Department Flags Risks from New Cross-Border Payments Systems

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