Credit card debt is on the rise — and other happenings in the world of work

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Americans are now carrying a record $1.17 trillion in credit card debt.

While that figure is staggering, the Federal Reserve Bank of New York also found that delinquency rates have been improving slightly. About 8.8% of credit card balances fell into delinquency over the past year, down from last quarter’s 9.1% reading.

This suggests rising debt burdens will remain manageable, especially as consumer spending remains strong. The U.S. Census Bureau just reported retail sales rose more than expected in October, jumping +0.4%. Meanwhile, September’s results were also revised sharply higher, doubling from +0.4% to +0.8%. Experts say that report highlights the economy’s resilience.

“Record household debt doesn’t necessarily mean a crisis,” economist Jason Schenker explained. “With low debt delinquencies and a relatively solid labor market, this data is supportive of ongoing GDP growth,” he continued.?

Even still, the average credit card interest rates top 20%, making borrowing more expensive for those already stretched thin amid still-sticky inflation. Read more about this below.

Catch up on other headlines from the last 7 days.

• Inflation stayed firm in October. The U.S. Consumer Price Index rose at an annual rate of 2.6%, up from 2.4% in September, the U.S. Bureau of Labor Statistics reported last week. While inflation has slowed from a 9.1% pandemic peak, the prospect of another interest rate cut next month remains up for debate as consumer price growth appears more stubborn.??Cate Chapman
• Whole prices crept up in October. The U.S. Producer Price Index crept up 0.2% for the month, the Bureau of Labor Statistics also reported last week — largely in line with expectations. Headline wholesale inflation sat at 2.4%.??Emma W. Thorne
• The Federal Reserve may start moving more slowly when it comes to monetary policy. Chair Jerome Powell said the central bank is not “in a hurry” to rush through further interest rate cuts. The statement came during a Thursday speech in Dallas, a week after announcing a quarter point cut, and a month after the Fed’s largest rate cut in years.??Andrew Barker
• Stocks tumbled on Friday, capping off a week in which the S&P 500 wiped out more than half of its post-election gains. Technology stocks sank, dragging the Nasdaq down by over 2%, while declines in pharmaceutical shares pressured the Dow Jones Industrial Average. ??James Callan
• Working from home can actually forge strong coworker bonds. Researchers featured in Harvard Business Review found that virtual meetings — where someone’s toddler can bounce into frame, for example — can provide a more nuanced look into someone’s nonwork life. This literal window into coworkers’ worlds encourages employees to view them as more human, and ultimately, more trustworthy.

Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

How each generation feels about AI

• Are workers worried about artificial intelligence in the workplace? Only 31% of U.S. employees doubt that AI will impact their jobs in the future — and half believe gaining AI skills will help their careers progress, according to LinkedIn’s latest Workforce Confidence survey.?
• The survey found that the youngest and oldest workers have more doubts about AI impacting their jobs. Four in ten Gen Zers said they doubted AI would impact their roles, followed by 36% of baby boomers. Just 29% of millennials and Gen Xers agreed. Meanwhile, mid-career employees are more likely to be focused on gaining AI skills to get ahead.

• “Generative AI is a game changer — it saves me hours on research, helps me troubleshoot and refresh technical skills and sparks creative ways to get my point across,” Marivell Alicea-Gamlin, who has worked in cybersecurity and IT for over 20 years, commented. “I don’t believe AI will take over my job; you still need an expert behind the output to ensure it’s reliable,” she said. “And having foundational knowledge is key to spotting AI’s potential hallucinations,” she continued.

Demand for green talent projected to outstrip supply

• According to new data from LinkedIn's Economic Graph, demand for green talent surged by 11.6% last year, while supply only grew by 5.6%. To put that another way, by 2030, nearly one in five jobs requiring green skills could go unfilled. By 2050, that figure could balloon to one in two jobs.

• This means it’s a great time to go green. In the U.S., the hiring rate for job seekers with green skills is 80.3% higher than the rest of the workforce. Some of the fastest-growing skills for these workers include building performance, responsible sourcing and environmental due diligence. Consider online courses or certifications, renewable energy expert AJ Perkins recommended, but don’t forget to leverage transferable skills, too. “Project management, data analysis or systems thinking are invaluable,” he commented.?
• Sectors welcoming workers with such skills at higher rates include the utilities industry, driven by the rapid expansion in renewable energy, along with the construction and manufacturing industries. Perkins recommended job seekers “network strategically by joining green communities or finding mentors to gain insider tips and leads” within these sectors.

Get ready for the week by seeing what’s coming up.

Tuesday, November 19:

• The U.S. Census Bureau will release key housing market indicators, including the number of new single-family homes sold and the number of new building permits issued by the government in October.

Thursday, November 21:

• The U.S. Department of Labor will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
• The National Association of Realtors will release its monthly report measuring the number of existing homes sold in October.

Friday, November 22:

• The University of Michigan will release its reading of November’s Consumer Sentiment Index, which measures how Americans feel about current and future economic conditions.