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The Green SheetGreen Sheet

The Green Sheet Online Edition

March 10, 2008 • Issue 08:03:01

ISOMetrics

Recessing, depressing economy

The downward slope of the U.S. economy has adversely impacted a number of industries. And consumers trying to stay afloat are using their credit cards for everyday necessities such as food and gas rather than luxury items. Here's a look at how the numbers are shaping up (down) and how various markets are affected.

  • Men lead unemployment at 4.4%, followed by women at 4.2%.

    Bureau of Labor Statistics

  • Between March 2006 and September 2007, the share of credit card debt charged off by lenders rose from 3% to 4%, a growth rate of 34.2% in less than two years.

    Center for American Progress' House of Cards report

  • The number of houses facing foreclosures in January 2008 rose 57% from January 2007.

    Realty Trac

  • Consumer prices in January 2008 rose 4.3% over a year earlier. Prices rose 3.7% overall in 2007.

    U.S. Federal Reserve

  • In November 2007, real credit card debt. stood at $790.2 billion, the highest amount ever recorded.

    Center for American Progress' House of Cards report

  • Analysts are projecting between 100 and 200 bank failures within the next 12 to 24 months.

    Stanford Group

  • Estimated U.S. economic growth in 2008 is between 1.3% and 3%, down half a percentage point from an October 2007 forecast.

    The Federal Reserve

  • 52.9% of senior loan officers reported tightening lending standards on prime mortgages from October 2007 to December 2007, compared to 14.3% in July 2007.

    U.S. Federal Reserve

  • Roughly 35% of credit cardholders pay late or extended limit fees.

    U.S. Government Accountability Office

  • 35 million credit cardholders can only afford to make minimum payments on their outstanding balances every month.

    U.S. Federal Reserve

  • The Consumer Price Index for all food is expected to increase 3% to 4% in 2008.

    United States Department of Agriculture

  • In 2007, credit issuers increased solicitations to subprime customers by 41%.

    Mintel Group

  • Spending by individuals rose 0.4% in January 2008, but that was due primarily to inflation. In constant dollars, spending remained the same.

    The Commerce Department

  • Personal income increased 0.3% in January 2008, after economists projected a 0.2% increase.

    The Commerce Department

  • Cities in California, Ohio and Florida account for more than two-thirds of the top 25 metropolitan foreclosure rates.

    Realty Trac

  • By February 2008, 61.2% of taxpayers had already filed their returns.

    National Retail Federation

    end of article

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