Menu

Weak U.S. housing markets and rising unemployment at the state level are leading indicators of deteriorating commercial property loan performance, according to Fitch Ratings. As a result, Fitch expects commercial properties in the most impacted states to continue to face greater cash flow stress until the housing market and unemployment begin to show signs of recovery.

The Discover U.S. Spending Monitor reached an all-time low in February, falling more than two points to 75.7 (based out of 100). The decline reflects record-low readings for the Monitor’s two main components: economic confidence and spending intentions. More than 67 percent of the 13,000 adults surveyed in February gave the economy a poor rating and for the ninth consecutive month consumers lowered their spending intentions.

Issues related to the economic downturn dominate the concerns of corporate giving officers polled in a study by The Conference Board released on the philanthropy plans of major U.S. companies.

This year, according to the annual survey by BDO Seidman, LLP, one of the nation’s leading accounting and consulting organizations, nearly two-thirds (62%) of chief financial officers (CFOs) at leading U.S. technology businesses say that their companies outsource services or manufacturing. However, the survey results point to a likely decline in international outsourcing in 2009: twenty-two percent say the United States is the outsourcing destination they are most likely to consider in 2009, compared to sixteen percent for China and thirteen percent for India. Another nineteen percent report no interest in additional outsourcing.

Borrower defaults in U.S credit card and auto loan ABS transactions will continue to increase in the coming months as the unemployment rate accelerates at levels not seen since the 1973 recession, says Fitch Ratings.

HOPE NOW, the private sector alliance of mortgage servicers, non-profit counselors, and investors that has been working aggressively to prevent foreclosures and keep homeowners in their homes, announced that its members and the larger mortgage lending industry modified 123,000 mortgages in January 2009.

Manufacturing labor productivity increased in 2007 in 14 of the 17 economies compared by the U.S. Department of Labor's Bureau of Labor Statistics. The Republic of Korea and Taiwan had the largest productivity increases of 8.7 percent each. The United States productivity increase of 4.7 percent was the fourth largest. Singapore, included for the first time in these comparisons, had the steepest decline (-4.0 percent) of the three economies where productivity declined.

TransUnion.com released the results of its analysis of trends in the mortgage industry for the fourth quarter of 2008 and the associated impact on the U.S. consumer. Mortgage loan delinquency (ratio of borrowers 60 or more days past due) increased for the eighth straight quarter, hitting a national average high of 4.58 percent for the fourth quarter of 2008.

Despite the current economic downturn, a majority of travelers surveyed intend to keep traveling in 2009 rather than give up their vacations. TravelMuse, Inc. and other leading travel experts believe consumers will be more value-conscious than ever - but will still assert their right to travel. A recent survey conducted by TravelMuse shows more than 77 percent of respondents plan to cut spending in other areas in order to keep their travel plans in 2009.

Most wealthy Americans would be better served by focusing on time rather than assets in their retirement planning, PNC Wealth Management concluded as the result of its fifth annual Wealth and Values Survey.