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Why can't we have nice things, like a strong job market, and falling inflation? The latest snapshot of the job market suggests that we can. The March employment report includes an optimal mix of strong hiring, falling unemployment, rising wages, and increased labor force participation.   The Labor Department says hiring sprung forward last month with 303,000 jobs added, more than forecast. This matches the level last seen in May of last year. The last time payroll gains were more robust was in January 2023.   The nation’s unemployment rate was 3.8%, continuing the more than two-year-long streak below 4%, the longest since the 1960s. Another positive: More people were working and looking for work, taking the labor force participation rate up to 62.7%.    Wage growth remains above the recent pace of inflation. Average hourly earnings were up 4.1% from a year ago, marking a slight deceleration, which suggests the job market is not a key source of inflation overall.   A big question for the economy remains the mix of inflation and monetary policy. Federal Reserve officials can look at recent jobs data and remain confident that they’re satisfying the maximum employment component of their dual mandate. The other part of that mandate is stable prices. At issue, is when they begin to cut interest rates. As of this writing, investors are giving a very slight edge to a June rate cut, suggesting that there will be no change at the May meeting.   As they look for information that inflation is edging closer to their 2% target, FOMC officials will have additional data soon with the forthcoming CPI and PPI readings, covering prices at the retail and wholesale levels.   What about the outlook? Economists surveyed by Bankrate look for slower hiring over the next year and a slight rise in the unemployment rate to 4.2%.   Collectively, the economists put the odds of a recession over the next 12 months at 33% which matches the lowest level of risk since early 2022. Ultimately, recessions are inevitable in the long term. Their timing, duration, and severity are hugely difficult to predict. Here's more on our Bankrate survey written by my colleague Sarah Foster: https://lnkd.in/ekC4SFsA

Are you experiencing funflation? The price of fun has never been higher, and Americans’ credit card balances are at a record-high $1.13 trillion, according to the latest New York Fed Household Debt and Credit Report. A new Bankrate survey finds that over one-third of Americans (38%) are willing to go into debt for at least one discretionary purchase this year. Here’s a breakdown on how Americans plan to splurge on experiences: - 27% are willing to take on debt to travel - 14% are willing to take on debt to dine out - 13% are willing to take on debt to attend a live entertainment event Bankrate Senior Industry Analyst Ted Rossman reports that inflation and high interest rates have combined to squeeze consumers' buying power. Yet there's still a lot of demand for out-of-home entertainment. To get the full breakdown of our most recent survey on discretionary spending, https://lnkd.in/e2bf2z9j #travelexpenses #risingprices #funflation

How much do you need to make to afford a typical home in your state? In today’s housing market, aspiring homeowners need a six-figure salary to afford a median-priced home in nearly half of the states in 2024, according to a new Bankrate data study written by Lead Data Reporter Alex Gailey. Nationwide, the income needed to afford a typical home is up almost 50% since 2020. Aspiring homeowners in the West and Northeast need the most annual income to afford a typical home, while aspiring homeowners in the South and Midwest need lower annual incomes by comparison. For the full report, visit https://lnkd.in/eTS8U5xv #homebuying #homeownership

Allison Dunbar, MPS, and her husband want to buy a home. The housing market just isn't letting them. After saving up for a down payment for five years and receiving inheritance money from a relative, Dunbar and her husband decided at the end of 2022 that they were ready to buy a home. Since then, they’ve made offers on six houses, but none have panned out. “When you're trying to buy a home for the first time, it's hard to compete," she told me. "It doesn't feel like a shiny, picturesque experience." Buying a home has become increasingly expensive, and millions of Americans, especially young people, feel locked out of homeownership due to a combination of high mortgage rates, rising home prices and low housing inventory. To afford a median-priced home of $402,343, Americans need an annual income of $110,871, according to my latest Bankrate analysis. That’s nearly a 50 percent increase since the start of 2020. The analysis also found that Americans need to earn six figures to afford a median-priced home in 22 states and the District of Columbia. Four years ago, only six states and the District of Columbia required a salary that high to afford a median-priced home. "Affordability is the biggest issue — finding a home that’s in your budget," says Jeff Ostrowski, Bankrate's housing market analyst. "Home values are near record highs, and if you want a house, you have little choice but to pay a high price." What do you make of these findings? Do you think home affordability will improve or worsen this year? Read more: #housingmarket #homeaffordability #mortgagerates #litrendingtopics

With Women’s History Month drawing to a close, let's revisit the issue of the gender pay gap. The latest estimates from the Census Bureau show women working full time, year-round earn 84 cents for every dollar their male counterparts earn. Evidence of the gender pay gap is as well-documented as it is longstanding, but the extent to which it's even worse for women of color, women who work in finance and insurance and women who live in Utah or Louisiana shows how stubborn and entrenched the problem is, according to a new Bankrate analysis of Census Bureau data. Bankrate Lead Data Reporter Alex Gailey delved into Census Bureau data to reveal where the widest gender pay gaps exist across industries, jobs and states — and who it’s impacting the most: https://lnkd.in/egWWKrAF #WomensHistoryMonth #GenderPayGap

Are you taking advantage of high interest rates to prioritize your savings? According to Bankrate’s most recent emergency savings report, just over half (51%) of Americans have a savings or money market account with an online bank. Despite yields on savings accounts that have remained at some of the highest levels in more than 15 years, two-thirds of savers are earning less than 4% on their emergency savings. Here is a generational breakdown of those earning 4% of more on their savings - 25% of millennials - 22% of baby boomers - 21% of Gen X - 20% of Gen Z Discover more insights from our latest rendition of our emergency savings report: https://lnkd.in/gr4Wi9HU

A new data study reveals that Louisiana has the highest credit card debt burden, while Massachusetts has the lowest. How does debt payoff time differ by state? Bankrate sought to answer that question by analyzing credit card debt and household incomes across all 50 states and the District of Columbia to determine how long it would take to pay off credit card debt in each state, and at what interest expense, following a series of assumptions. Bankrate Senior Industry Analyst Ted Rossman advises cardholders that the most effective method to avoid paying interest is by paying off their entire statement balances each month. For the full report, please visit: https://lnkd.in/eH64ctfP #debt #creditcards

For Women’s History Month, Bankrate is shining a spotlight on the strides women have made towards financial equality. For example, one aspect of the gender pay gap that is not as commonly discussed is its impact on women's ability to apply for and secure competitive rates for loans as well as the ability to repay those loans. Here are some key milestones in the history of women, money and credit: 1848: The Married Women’s Property Act 1960s: Women can open bank accounts 1963: The Equal Pay Act prohibits employers from paying men and women differently for comparable work 1974: The Equal Credit Opportunity Act prohibits lenders from requiring male co-signers or treating women differently in any way during the loan process The road to financial equality does not end here – for more insights, check out Bankrate’s deep dive into the History of Women and Loans. 👩 https://lnkd.in/eED9wRFV #WomensHistoryMonth

Today is Equal Pay Day, a day that signifies how much longer women have to work to earn what men made in the previous year. Female workers earned $0.83 for every $1 a male worker was paid in 2022, based on the Department of Labor’s latest estimates of workers’ weekly wages when adjusted for inflation. 💰 Despite major progress in the past two decades, the gender pay gap remains a complex issue with significant implications for women’s financial well-being. Bankrate surveys consistently show that money issues cause women more stress than men. In a recent article, Bankrate Analyst Sarah Foster shares how to navigate the gender pay gap and achieve your financial goals, according to women who’ve made progress dealing with pay disparities in their careers. 👩 https://lnkd.in/eu4j2eXv #EqualPayDay #WomensHistoryMonth

Should you be maximizing credit card rewards if you’re in debt? A recent Bankrate survey shows that 67% of Americans carrying credit card debt make an effort to maximize their credit card rewards. Bankrate’s Senior Industry Analyst Ted Rossman explains why chasing rewards while you’re in debt could be a big mistake. With the average credit card interest rate at a record-high of 20.75% and typical rewards ranging between 1-5%, it becomes impractical to pay such high interest rates just to earn cash back or airline miles. Prioritizing your interest rate and paying down your balance is crucial if you’re managing credit card debt. On the other hand, 76% of cardholders who consistently pay off their balances in full actively work to maximize their credit card rewards. Ideally, all debt-free cardholders would pursue rewards, Rossman notes, but anyone with debt should prioritize debt payoff instead. 💡 Younger cardholders are more inclined to maximize rewards: - 77% of Gen X - 74% of millennials - 69% of Gen Xers - 69% of boomers Discover more insights from our latest survey: https://lnkd.in/eeEAajaQ