TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, March 8.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin – reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are reacting to a hotter than expected February jobs report … The U.S. economy added 275,000 jobs in February, above analyst expectations of 198,000 as job growth remains strong. The unemployment rate, however, did tick up slightly to 3.9 percent, above estimates of 3.7 percent, marking the first increase seen in four months. This report will be crucial when the Federal Reserve meets later in March.
In other news – Americans’ credit scores are headed in the wrong direction. According to FICO, the national average dropped from 718 in July to 717 in October. And while one point may seem harmless, it’s the first time the average score has dropped in ten years.
Of its findings, FICO wrote, “The effects of high-interest rates and persistent inflation may be starting to weigh on consumers, especially those already struggling to manage their finances.”
FICO says the drop was due primarily to missed payments and increasing debt levels. U.S. credit card debt rose to a record high $1.1 trillion in December. According to the Federal Reserve Bank of New York, missed payments increased by more than 50 percent in 2023 – and total consumer debt rose to $17.5 trillion.
The last time credit scores fell was between April and October of 2013, when the average score dipped from 692 to 690.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
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