44% of Americans Plan to Apply for Store Credit Card This Holiday Season; Big Jump From 2019

CHARLOTTE, N.C., Oct. 12, 2020 /PRNewswire/ — A lot more Americans say they’re likely to apply for a store credit card this holiday season than did in either of the previous two years, according to a new report from CompareCards by LendingTree.

That’s despite the fact that more than half (56%) of people who say they’ve had a store credit card say they’ve regretted getting one.

Full report: https://www.comparecards.com/blog/2020-store-card-report/ 

Key findings:

  • Big jump in interest in store cards: 44% of Americans say they’re at least somewhat likely to apply for a store card during the holiday shopping season. That’s up from 32% in 2019 and 24% in 2018.
  • Store card APRs fall: The average APR for a new store credit card is 24.24%, down from 25.41% in 2019, thanks largely to Federal Reserve interest rate cuts.
  • More regrets: More than half (56%) of those who have had a
Read More

Another 840,000 Americans filed for unemployment benefits last week as layoffs remain elevated

The number of Americans applying for state unemployment benefits remained historically high last week, indicating the pace of layoffs is still elevated even as the economy slowly recovers from the coronavirus pandemic.

The latest jobless claims figures from the Labor Department, which cover the week ending Oct. 2, show that 840,000 workers sought aid last week, about four-times the pre-crisis level. More than 63 million Americans have sought jobless aid since the coronavirus lockdowns began in mid-March.

Economists surveyed by Refinitiv expected 820,000 new claims. Last week’s figure was revised upward by 12,000 to 849,000.

The number of people who are continuing to receive unemployment benefits fell to 10.97 million, a decline of more than 1 million from the previous week.

NEARLY HALF OF AMERICANS WHO LOST JOB TO PANDEMIC CAN’T LAST A MONTH

Read More

Trump Administration To Force Employers To Pay H-1B Visa Workers Similar Wages To Americans

The Trump administration has announced plans to significantly overhaul the U.S. H-1B visa program with a rule change that will force employers to pay H-1B visa workers similar wages to those earned by Americans.

Under the H-1B visa program, thousands of foreign skilled workers are able to live and work in the U.S. each year, with the visa frequently being used in the tech industry.

Addressing reporters in a press conference call on Tuesday, senior officials with the Department of Homeland Security and Department of Labor said new wage rules were aimed at ending abuse of the H-1B visa program and would force employers to put Americans first.

Americans, they said, are

Read More

Is It Insane to Start a Business During Coronavirus? Millions of Americans Don’t Think So.

The pandemic forced hundreds of thousands of small businesses to close. For Madison Schneider, it was a good time to start a new one.

The 22-year-old in Haviland, Kan., opened Lela’s Bakery and Coffeehouse on Sept. 12, naming it after her grandmother. It has been busy every day since, she said. “It just felt like the right thing to do,” Ms. Schneider said.

Americans are starting new businesses at the fastest rate in more than a decade, according to government data, seizing on pent-up demand and new opportunities after the pandemic shut down and reshaped the economy.

Madison Schneider takes an order at her new business, Lela’s Bakery & Coffeehouse, in Haviland, Kan. It opened on September 12.



Photo:

Shane Brown for The Wall Street Journal

Applications for the employer identification numbers that entrepreneurs need to start a business have passed 3.2 million so far this year, compared with 2.7

Read More