Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. The season is already off to a solid start: The Transportation Security Administration said that Thursday was its second-busiest day at airports in history, adding that five of its 10 busiest days ever were this month. AAA projected earlier this month that 43.
“In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed, said in a statement. Inflation is also still taking a bite out of people’s budgets and interest rates remain perched at a two-decade high.
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