An economic downturn may or may not happen this year, but there are risks consumers would be wise to watch.
The Federal Reserve's goal is to get inflation down to 2%, as measured by the core Personal Consumption Expenditures Price Index. The core PCE increased 4.6% over the past 12 months, according to latest data for March.
Moreover, month-over-month wage gains are still taking place and quits rates are pretty high as people continue to feel comfortable finding positions that are a better fit, he noted.Andy ChallengerEven if the Fed achieves a perfect soft landing with the economy, it will still likely mean increased layoffs and fewer job opportunities, Challenger said. But for now, it's still a pretty good time to be job searching, even though the market has cooled from six months ago, he added.
Auto loan delinquencies are already rising, particularly for borrowers with weaker credit profiles, McBride noted. Delinquency rates have trended higher this year, according to Cox Automotive. While loans that were behind 60 days or more fell in March for the first time in 11 months, they were still up 17.9% from the previous year.
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