Collector - September 2020 - 14

FYI

SPENDING

PAYMENTS

IT'S YOUR LUCKY DAY
What would you do if a pile of money suddenly dropped in your lap?
That's the question Synchrony Bank asked 2,000 survey participants.
Here's what they said:

How Would You Spend
a $500 Windfall?

How Would You Spend
a $50,000 Windfall?

Men: Go out to dinner

Men: Save for retirement

Women: Make a purchase

Women: Make home improvements

Millennials: Pay down student loans

Millennials: Pay down student loans

People Age 55+: Donate

People Age 55+:
Give to grandchildren and family

of cardholders say they
have made a contactless
payment with a credit
card or debit card.

Source: Synchrony Bank/Money.com

ECONOMY

A LOOK AT WAGE TRENDS
Recessions are declared only after
months of data can be analyzed, but
it was no surprise when in June the
National Bureau of Economic Research
made it official. According to the
NBER, the average recession lasts 17.5
months, but there are a lot of unknowns
about how this one will unfold.
"Given the broad-based nature of the
retrenchment in the labor market,
we speculate that the economic
downturn will be lasting," analysts
wrote in a May NBER paper.
A recent report from Payscale found that
reductions in wage growth and salaries
are common during recessions and even
continue into post-recession recovery. As
noted in the chart here, wage growth has
slowed for many industries in 2020, but
some have been hit harder than others.

%
45
Source: CompareCards

Wage Growth for New Job Offers in 2020
Industry

Jan.

Feb.

March

-9.7%

-1.7%

9.7%

Finance & Insurance

.3%

2.0%

1.9%

Health Care

.7%

1.9%

2.2%

Retail & Customer Service

4.5%

-3.1%

-14.4%

Technology

-4.1%

1.6%

3.0%

.3%

2%

3.1%

Accommodation & Food Services

Agencies & Consultancies

Source: Payscale

14

ACAINTERNATIONAL.ORG


http://www.ACAINTERNATIONAL.ORG

Collector - September 2020

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