August 2020 Short Bits

CREDIT SCORE CONCERNS

A recent WalletHub survey reveals that 87 million Americans are worried about their credit scores as a result of the COVID-19 pandemic. To help track changes, potential errors, and identity fraud, Annualcreditreport.com now offers free weekly credit reports rather than free annual reports. Consumers should also know that by reaching out to lenders for help with payment flexibility, their loans will be reported to the credit bureaus as current, according to guidance from the Consumer Financial Protection Bureau.

MILLENNIAL JOB HISTORY

According to the U.S. Bureau of Labor Statistics, Americans born in the early 1980s averaged holding 8.2 jobs over a 14-year span of adulthood. Over half (57%) of those jobs ended in less than a year. Additionally, the study found that women were more likely to obtain a bachelor’s degree than men (29% compared to 22%, respectively).

LONG-DISTANCE MOVES DROP

A recent study from the Joint Center for Housing Studies of Harvard University revealed that long-distance moves have reached an all-time low. Moves crossing state lines accounted for 3.3% of the population in 1990, but have fallen to just 1.5% today. Part of the decline is attributed to the large Millennial demographic aging out of the time of life in which they’re most likely to move. Another deterrent of more frequent moves is housing affordability.

SMALL BUSINESS OUTLOOK

Near-term outlooks for both real sales expectations and economic uncertainty were negative in the National Federation of Independent Business (NFIB) April SB survey. But the survey also revealed that the number of owners expecting better business conditions in the next six months jumped 24 points compared to the previous month.