Research by The Federal Reserve Bank of New York’s February 2015 Business Leaders Survey, which includes an economically vital area of the nation, “indicates that activity in the region’s service sector leveled off recently. The survey’s headline business activity index fell 15 points to 0.8. After rising to a level just above zero last month, the business climate index gave up those gains, signaling that, on balance, respondents viewed the business climate as worse than normal. …The prices paid index climbed 12 points to 51.5, pointing to steeper input price increases, while the prices received index dropped six points to 6.2, signifying a slower pace of selling price increases… After rising out of negative territory last month, the business climate index gave up its gains, falling nine points to -8.4, indicating that, on balance, firms viewed the business climate as worse than normal.”
Generation X, which is a key sector of the American economic picture, is also not doing well. According to the Federal Reserve of St. Louis, The average household debt of the 1970 Gen X cohort was $142,077 in the first quarter of 2014 (that is, approximately at age 44), while the average household debt of the 1956 baby-boomer cohort was $88,553, adjusted for inflation, in the first quarter of 2000 (when this cohort would also have been age 44). This represents about 60 percent more debt for the 1970 cohort compared to the 1956 cohort. Meanwhile, average real household income of the 1970 cohort was only about 5 percent higher than that of the 1956 cohort in the most recent data.
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William C. Dudley, President and Chief Executive officer of the NY Fed, also delivered worrisome news. “In 2010, aggregate outstanding student loan balances surpassed credit card indebtedness, and in 2013 eclipsed a trillion dollars. During the historic household deleveraging that took place between 2008 and 2013, student debt bucked the trend, and was the only form of household credit that continued to increase each year.” The taxpayers are the final source on the hook for these loans, which, thanks to the continuously slow economy and the lack of suitable employment for college graduates, may present the next great economic bubble