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Stock impact report

US consumers slow spending as inflation bites, Synchrony says [Yahoo! Finance Canada]

Synchrony Financial (SYF) 
Last synchrony financial earnings: 4/21 06:30 am Check Earnings Report
NEW YORK (Reuters) - U.S. consumers are starting to curb their spending in response to high prices and a worsening economic outlook, according to consumer finance company Synchrony Financial. Americans have been accumulating more debt amid strain in their finances, with delinquencies edging up for auto loans, credit cards and home credit lines, the Federal Reserve said last month. Philadelphia Federal Reserve President Patrick Harker has also warned that trouble may be brewing for the U.S. economy, which is showing signs of stress in the consumer sector with consumer confidence also waning. The belt-tightening indicates that Americans, whose finances are broadly healthy, are preparing for their finances to be more stretched, said Max Axler, chief credit officer of Synchrony. Most clients are still keeping up their loan repayments, he added. "Purchase volumes have gone down across the industry as consumers across all income groups become more thoughtful about spending," Axler Show less Read more
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