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Report: State of the Economy, April 2024

by Josee Farmer 2 min read May 1, 2024

This series will dive into our monthly State of the Economy report, providing a snapshot of the top monthly economic and credit data for those in financial services to proactively shape their business strategies.

During their March meeting, the Federal Reserve announced no change in the federal funds rate and released their updated Summary of Economic Projects for the remainder of 2024 and 2025. In response to slow but steady cooling inflation, they maintained projections for three rate cuts by the end of 2024. Additionally, they upgraded their growth projections and lowered their unemployment projections, signaling more optimism toward the U.S. economic trajectory. In this month’s report, we dive into the data developments that are contributing to this economic story.

Data highlights from this month’s report include:

  • The Federal Reserve held rates steady and maintained projections for three rate cuts by the end of the year.
  • Inflation progress slowed, with annual headline inflation flat and annual core inflation ticking up from 3.2% to 3.5%.
  • The median rent-to-income ratio increased 4.1% year-over-year to 37.9% nationally.

Check out our report for a deep dive into the rest of April’s data, including the latest trends in income, originations, and job creation.

To have a holistic view of our current environment, we must understand our economic past, present, and future. Check out our annual chartbook for a comprehensive view of the past year and register for our upcoming macroeconomic forecasting webinar for a look at the year ahead.

Download April’s State of the Economy report  Register for webinar

For more economic trends and market insights, visit Experian Edge.

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Growth, risk and the rise of "hidden" business accounts As inflation remains elevated and early signs of labor market cooling emerge, the credit card landscape is entering its next phase. Over the past few weeks, policy actions and discussions around potential interest-rate caps have driven increased uncertainty across the credit card industry and broader global markets. Lenders face a careful balancing act: capturing growth opportunities while maintaining disciplined risk oversight. Our second annual State of Credit Cards Report explores the macroeconomic forces influencing the market, key shifts in originations and delinquency trends, and lender mix. New this year, the report also digs into an often‑overlooked segment: business accounts hidden inside consumer credit card portfolios. Additionally, the report offers actionable strategies to help lenders segment risk and drive disciplined growth more effectively. Key insights include: 30+ DPD delinquency rates remained above pre-pandemic levels in 2025, underscoring the need for disciplined asset‑quality monitoring. Fintechs continue to gain ground, posting a 71% YOY increase in account originations.  Business accounts masked in the consumer credit card universe represent roughly 14% of balances and are more than 50% larger than the business card universe — a material segment with distinct risk and profitability dynamics that many lenders are not explicitly managing today. The report also outlines practical strategies to: Identify and segment business behavior within consumer portfolios. Align underwriting and account management with actual usage patterns. Capture targeted growth while protecting long‑term portfolio performance. Ready to dive deeper? Download the full 2026 State of Credit Cards Report to uncover insights that can help your organization manage risk more precisely and grow with confidence. Download report

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