Business News

Auto Loan Defaults Rise

Borrowers who took out auto loans over the past year are missing payments at the highest level since the recession. It’s clear that credit quality is eroding. More than 2.6% of car-loan borrowers who took out loans in the first quarter of last year had missed at least one monthly payment by November. The uptick comes amid an increase in subprime auto loans, raising concerns that car buyers may have taken on more debt than they can handle. (Wall Street Journal)

Some take aways from that big jobs report on Friday.
The U.S. added more jobs in 2014—an average of 246,000 per month—than in any since 1999.

Over the last 12 months, the 2.9 million jobs added is the most for a 12-month stretch since the middle of 2000.

The unemployment rate fell to 5.6% in December, down from 6.7% one year earlier.

Unemployment is 8.6% among those without a high school diploma, it’s only 5.3% among high school graduates, 4.9% among those with some college or an associate’s degree and 2.9% for college graduates.

Private-sector employees saw their average weekly earnings rise 2.5% from a year earlier as hours worked increased.

Payrolls grew 2.1% last year, led by gains in the private sector. State and local government hiring edged up 0.6% last year and federal payrolls edged down 0.6% last year. (Wall Street Journal)

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