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If youâre looking to advance your career or pivot to a new industry, then youâre probably checking out ways you can beef up your resume. Maybe youâre considering an MBA, a bootcamp, or browsing upcoming conferences. Or perhaps youâre considering the DIY route and looking for podcast and book recommendations.Â
While any of these options will help you learn and could boost your resume, the best way to level up your career prospects is to dedicate yourself to becoming a lifelong learner, which is where microlearning comes into play.Â
Conferences and classes are bursting with information, but you may feel limited by the course schedule and teaching style. This works for some people, but it can be expensive and hard to fit into a budget or daily schedule. Microlearning can help you take charge of your education by providing bite-sized lessons. Over time, you can build up your learnings for a more thorough and robust understanding of the subject.Â
The best part is you can apply your specific lessons to your life, career, and goals to build each of these out over time and see what really works and what doesnât. Your consistent growth can improve job satisfaction and career opportunities, putting you in the spotlight for the next raise or promotion. Learn more below or jump to our infographicÂ to get started.
What Is Microlearning?
Microlearning has become a popular workplace trend as a learning process that breaks topics into highly specific, concise lessons. This allows the learner to build understanding and confidence at their own pace.
Microlearning is great for tackling new information and closing knowledge gaps. If you already have a foundation of knowledge for a topic, then it can be frustrating to wade through the basics for the few new ideas you were looking for. Khan Academy and TED Talks are a great example of how you may fill in knowledge gaps.Â
The Benefits of Microlearning
The most important part of any lesson plan is that itâs tailored to a learnerâs needs, and that the learner is actually able to retain information. Microlearningâs flexibility for learners is one of its biggest benefits.
Here are some other reasons to consider microlearning:
- Maximize time by preparing lessons for on-the-go and fitting them in during breaks or commutes.
- Go in-depth to build a solid learning foundation and improve retention with practice.Â
- Find what works by experimenting with videos, articles, or podcasts to find what format works best for you.Â
- Save money with free resources like TED Talks, YouTube, and expert podcast hosts who provide episodic insights and lessons for you to follow.Â
- Fill knowledge gaps with lessons targeting exactly what you need to know instead of wading through beginner resources.Â
The Disadvantages of Microlearning
Microlearning is great for career development, employee training, and specific topics that you could use a refresher on. However, theyâre not a total replacement for other learning systems, and you should keep these in mind when you get started:
- Itâs not immediate and microlearning is about regular commitments to learning.
- It isnât easier, but it may feel easier. This is actually a benefit unless you assume it will be easy. You still have to actively learn and practice your lessons.Â
- Some topics just donât work, including complicated topics like global economics. Itâs great for learning about things like mortgages, but you likely wonât become an expert on personal finance in just a few lessons.Â
- Thereâs work upfront to finding and compiling the resources that fit your needs and that you trust. This work pays off in the long-run, though, with easy-to-access lessons.Â
5 Ways to Begin Microlearning
You may not realize it, but youâve probably already prioritized microlearning in your day-to-day life. If youâve watched a YouTube video to learn how to change your oil or customize a spreadsheet, then you know exactly how beneficial short, specific, and detailed lessons can be.Â
Here are some ways you can get started using microlearning as part of your professional development:
1. Game Groups
Gamifying your learning helps make the topic fun and builds a positive relationship with studying. You can get started by setting goals and rewards, or inviting peers to join you with a competitive leaderboard or a trivia night.Â
2. Video Clips
Videos are designed to be relatively short and engaging, and YouTube has made learning largely accessible from anywhere. While YouTube playlists are a great place to learn, make sure youâve done your research on any channels or personalities youâre watching to ensure your lessons are accurate.Â
3. Podcast Playlists
Like videos, podcasts are a great way to consume information on the go and from personalities you enjoy and trust. Theyâve become hugely popular because theyâre easy to listen to while driving, working, or exercising, but itâs important that you give your playlist your active attention if you hope to learn effectively.Â
4. Quiz Collections
Considering a quiz may bring flashbacks of test anxiety and stressful finals weeks, but in this scenario, quizzing isnât about checking a box that you learned something new. Instead, itâs a means to practice your memory recall and retention so you can count on it when you need it most.Â
5. Team Talks
Having a team to study with is not only great for motivation, but it can also improve your lesson retention. Active learning is the process of working or chatting through a subject or problem, and studies show this is the best way to learn and practice your skills.Â
Keeping up with your professional development is the best way to impress your employer and expand your job prospects. Whether you want to climb the career ladder or ease your daily workload, How Microlearning Can Level Up Your Knowledge appeared first on MintLife Blog.
The average credit card interest rate is 16.05%.
U.S. credit card lenders once again declined to revise APRs on some of the country best-known cards, according to the CreditCards.com Weekly Credit Card Rate Report. None of the 100 cards tracked weekly by CreditCards.com advertised new rates. As a result, the average starting APR for brand-new cards remained at 16.05% for the eighth consecutive week.
APRs have remained within rounding distance of 16% for nearly 10 consecutive months
APRs on brand-new credit cards have remained unusually stable for months now. For example, the average new card APR hasnât wavered by more than a quarter of a percentage point since April and it has remained just above 16% since mid-November. Earlier in the year, the average card APR briefly dipped to 15.97%, which is the lowest APR average CreditCards.com has recorded since 2017. But for most of 2020, the average card APR remained above 16%.
Despite their current stability, average APRs are dramatically lower than they were a year ago when the average APR began 2020 at 17.30%.
At that time, even cardholders with excellent credit were likely to be assigned rates as high as 17% or more. Today, by contrast, few general market cards that are marketed to borrowers with the best credit charge such high rates.
Among the 100 cards tracked by CreditCards.com, for example, only one general market card for borrowers with excellent credit currently charges a minimum APR above 16.99%. The Capital One Venture Rewards Card starts APRs at 17.24% and caps them at 24.49%. But most comparable cards charge lower rates.
Among travel rewards cards, for example:
- The Bank of AmericaÂ® Premium RewardsÂ® card and the Chase Sapphire Preferred Card both start APRs at 15.99%
- The APRs on the high-end Chase Sapphire Reserve card and Citi PrestigeÂ® Card start at 16.99%.
- The minimum APR on the Discover itÂ® Miles card is 11.99% while the APRs on a number of popular airline cards, such as the Southwest Airlines Rapid Rewards Premier Credit Card, the Delta SkyMilesÂ® Gold American Express Card and the Frontier Airlines World Mastercard from Barclays, start below 16%.
The average maximum card APR is also significantly lower. For example, the average maximum APR for all 100 cards included in the CreditCards.com rate report is currently 23.55%. The average median APR is 19.8%.
Capital Oneâs decision to leave rates alone last spring leaves it out of step with other issuers
When the Federal Reserve cut federal interest rates by more than a full percentage point last spring, Capital One was the only major, nationwide issuer not to match the central bankâs rate cut on new general market cards. As a result, cardholders with lower scores are less likely than other cardholders these days to secure a significantly lower APR than what they would have been able to get a year ago.
Thatâs because Capital One is one of the leading issuers of cards for borrowers with fair credit. Its line of subprime cards continues to charge the same 26.99% APR the cards advertised for much of last winter.
However, borrowers with lower scores do have more options than they had a year ago if they compare rates with other issuers. For example:
- The Discover itÂ® Secured card and the BankAmericard Secured Credit Card currently offer a 22.99% APR.
- The CitiÂ® Secured MastercardÂ® card starts APRs at 22.49%.
Not all lenders have given borrowers with bad credit a reprieve, though, amid the pandemic. For example, U.S. Bank dramatically hiked the APR on its flagship secured card, pushing the cardâs only APR to 25.99%. As a result, the average APR for all subprime cards tracked by CreditCards.com is the same as it was a year ago: 25.3%.
The average APR for rewards cards, by contrast, has fallen from 17.11% to 15.76%, while the average low interest card APR has tumbled from 14.1% to 12.77%.
See related:Â How do credit card APRs work?
*All information about the Chase Sapphire Preferred Card and the Citi Prestige has been collected independently by CreditCards.com and has not been reviewed by the issuer. This offer is no longer available on our site.
CreditCards.com’s Weekly Rate Report
|Avg. APR||Last week||6 months ago|
|Methodology: The national average credit card APR is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. (Introductory, or teaser, rates are not included in the calculation.)|
|Updated: January 20, 2021|
Historic interest rates by card type
Some credit cards charge even higher rates, on average. The type of rate you get will depend in part on the category of credit card you own. For example, even the best travel credit cards often charge higher rates than basic, low interest credit cards.
CreditCards.com has been calculating average rates for a wide variety of credit card categories, including student cards, balance transfer cards, cash back cards and more, since 2007.
How to get a low credit card interest rate
Your odds of getting approved for a cardâs lowest rate will increase the more you improve your credit score. Some factors that influence your credit card APR will be out of your control, such as the length of time youâve been handling credit.
However, even if youâre new to credit or are rebuilding your score, there are steps you can take to ensure a lower APR. For example:
- Pay your bills on time. The single most important factor influencing your credit score â and your ability to win a lower rate â is your track record of making on-time payments. Lenders are more likely to trust you with a competitive APR â and other positive terms, such as a big credit limit â if you have a lengthy history of paying your bills on time.
- Keep your balances low.Â Lenders also want to see that you are responsible with your credit and donât overcharge. As a result, credit scores take into account the amount of credit youâre using, compared to how much credit youâve been given. This is known as your credit utilization ratio. Typically, the lower your ratio, the better. For example, personal finance experts often recommend that you keep your balances well below 30% of your total credit limit.
- Build a lengthy and diverse credit history. Lenders also like to see that youâve been successfully using credit for a long time and have experience with different types of credit, including revolving credit and installment loans. As a result, credit scores, such as the FICO score and VantageScore, factor in the average length of your credit history and the types of loans youâve handled (which is known as your credit mix). To keep your credit history as long as possible, continue to use your oldest credit card so your lender doesnât close it.
- Call your lender. If youâve successfully owned a credit card for a long time, you may be able to convince your lender to lower your interest rate â especially if you have excellent credit. Reach out to your lender and ask if theyâd be willing to negotiate a lower APR.
- Monitor your credit report. Check your credit reports regularly to make sure youâre being accurately scored. The last thing you want is for a mistake or unauthorized account to drag down your credit score. You have the right to check your credit reports from each major credit bureau (Equifax, Experian and TransUnion) once per year for free through AnnualCreditReport.com.
Many rewards credit cardsÂ offer the opportunity to earn a sign-up bonus. Even some no-annual-fee credit cards offer them, allowing consumers to maximize cash back or points without paying every year for simply having the card.
The Apple Card only started offering a sign-up bonus in June, when Apple cardholders could earn $50 in Daily Cash after spending $50 at Walgreens. This was followed by offers in September, October and November, most recently including aÂ $75 sign-up bonus after spending $75 at Nike in-store and online via Apple Pay.
And now through Jan. 31, new Apple Card holders can score a slightly lower sign-up bonus. You’ll get $50 in Daily Cash after you spend $50 or more on purchases with Exxon or Mobil.
See related: Apple Card: One year later
How to get the Apple Card sign-up bonus
New Apple Card holders who open an account between Jan. 8 and Jan. 31, 2021 can earn $50 in Appleâs Daily Cash when they spend $50 using Apple Card with Apple Pay (where available) at Exxon and Mobil stations at the pump or at attached convenience stores in the U.S., within 30 days of the account opening. To pay at the pump with Apple Pay, you can use either the Exxon Mobil Rewards+ mobile app or contactless payment.
This month’s sign-up bonus from Apple is lower than its previous offer from Nike, but on par with the older offers from Walgreens and Panera Bread, both of which got you just $50 in Daily Cash back after a matching spend.
You can apply for the Apple Card from the Wallet app on your iPhone.
Should you apply for the Apple Card now?
If you have been considering applying for the Apple Card, it might be a good idea to do so this month, especially if you commute or drive often enough to spend $50 at gas stations in a month. While the card doesnât always come with a sign-up bonus, new cardholders currently have a great chance to earn one.
Besides that, the Apple Card offers 3% cash back on Apple purchases, as well as 3% cash back when you use Apple Pay for Walgreens, Nike and Uber and Uber Eats purchases and at T-Mobile stores. Other Apple Pay purchases will earn you 2% in cash back. When you use the physical card, the cash back rate goes down to 1%.
However, the Apple Card might not make sense for everyone. The earning rate is good on Apple purchases, but if youâre looking for a primary cash back card to add to your wallet, there might be better options.
For example, with the Blue Cash Everyday® Card from American Express you can earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) and 2% cash back at U.S. gas stations and select U.S. department stores. All other purchases will get you 1% in cash back.
Another alternative is the Capital One Quicksilver Cash Rewards Credit Card, which earns you unlimited 1.5% cash back on every purchase and doesnât have an annual fee. Plus, you only need to spend $500 in the first three months with the card to earn its $200 sign-up bonus.
There are quite a few other cards to look into. Shop around before you decide to take advantage of Appleâs offer. The sign-up bonus alone shouldnât tempt you into signing up for a card that doesnât align with your spending.
See related:Â Apple card credit score requirements and reasons for denial
If youâre an Apple enthusiast and have been looking into the Apple Card for some time, now might be a good time to apply. The new limited-time sign-up offer gives you an opportunity to earn an easy sign-up bonus â something the card doesnât normally have.
Workplaces have always evolved with technology, trends, and research. The changing environment of our global economy and advances in technology mean organizations have to adapt to stay competitive. This also means employees should keep their eyes forward and focus on the skills that will keep them employed and open new career opportunities.Â
Looking into our immediate future, weâre seeing offices embrace telecommuting tools and implement flexible schedules to retain qualified employees and maintain social responsibility for the health and wellness of their teams.Â
With increasing reliance on technology, weâre also seeing a large shift towards prioritizing soft skills. Early adopters of artificial intelligence technology are reporting a 16 percent increase in the need for business leadership roles as the need for researchers drops and advanced technology fills the gap.Â
The best way to prepare for the office of the future is to set career goals and develop new skills, like how to run a productive meeting and collaborate within a team to increase productivity. Taking ownership of your skills and output can impress your manager and set you up for success when you negotiate your salary at your next performance review.Â
Read more about workplace trends and how to invest in your future below:
Sources: Global Workplace Analytics | NPR | CareerBuilder | SHRM | Gartner | Gensler | Lifesize | KFF | Cengage | Deloitte | IWG | World Economic Forum | Journal of Experimental Social Psychology
The post The Workplace of the Future: How to Prepare and Preserve Your Career appeared first on MintLife Blog.
Every year presents new lessons we should incorporate on this life journey, and this one, in particular, is no exception. In a world that is ever-changing one thing that has to remain the same is our ability to pivot when necessary. Whenever life challenges arise, we often make changes and shift out of force rather than free choice. While this logic can be applied to every aspect of our lives itâs an especially crucial concept as it relates to our finances. Thereâs no need to wait until your employer needs to decrease headcount or reduce work hours to jumpstart your rediscovery process. Make the decision today that no matter what happens within the economy, you are making the strides to guarantee your earning power doesnât rest in the hands of someone else.
Set yourself apart and strengthen your skills
Often times, the number one thing you can do before executing plans of any kind is focus on strengthening your skills. Are others able to depend on you?Â If you desire to run your own business or be a high-performing, contributing employee â are you reliable? Being able to breakdown complex situations and produce viable solutions, paying special attention to detail, and asking the right questions at the right time are skills that many often have, but have yet to master. Focusing on any skills that may come naturally to you while achieving mastery, in the long run, will absolutely contribute to the opportunities you are afforded over other candidates. Itâs not about competition, because whatâs for you wonât pass you by. Itâs about actively showcasing you are indeed the best candidate with the physical results to prove it.
Seek out new opportunities and expand your skillset
People believe there are only a few ways to bring in additional income â one being a side hustle. This isnât necessarily the case. Seeking out opportunities within your current or new place of employment can be just what you need to make substantial strides in increasing your earnings as well as visibility. Make yourself familiar with the Human Resources policies for promotions and role transitions. Look into if there are side projects you can add to your workload that can increase your skillset while being introduced to a new audience of people; consider exploring that. Be sure to document the pros and cons of the newly added responsibilities while making sure it aligns with where you ultimately want to be. Donât shy away from having a conversation with your manager and making your goals known.
Ask for more (and quantify it)
Employers have mid-year and end of year reviews to go over performance goals and ensure the work youâve done over time aligns with the responsibilities of the team as well as the company. While this is protocol, as an employee you donât have to wait until this designated time to discuss career goals. Not only does this conversation create awareness between you and your manager â it allows them to understand your desire for more. Iâm sure weâve all had less than desirable bosses, coworkers, and teams. Weâve also been in situations where we know that the work required of us was so much more than the actual amount of money we were taking home. To avoid the unfortunate cycle of being overworked and underpaid that many fall into, have an open and candid conversation with management. Be sure to quantify every task and tie a metric to it if possible. This helps to build your professional story while also making sure your resume stays current for all new opportunities as they arise.
Start a side hustle
When your friends, family, or peers often ask you to complete something and you enjoy doing it; what is that âthingâ? What talents do you innately have that seem as if it doesnât require a huge amount of effort? The answers to these questions should birth the idea of your new side hustle. As daunting as it may sound, take the time to loosely create a plan. Remember, this is scalable! Go at the pace that is most comfortable for you and can transition well into your lifestyle. Solicit the help of family and friends while using your larger network to advertise your talent. Social media and word of mouth can go a very long way â use all outlets to promote yourself and your services.
Never underestimate the power of networking
We all have a comfort zone and typically stay within those walls on a regular basis unless probed. However, do you consider the opportunities that could be available to you by adding several new people to your network? Utilize employee resource groups at your place of employment, various professional networks in your local cities, and other organizations that have a virtual platform. Do a quick Google search based on your preferred industry and start the journey of expanding your network. Thereâs a very familiar phrase weâve all heard at some point, âitâs not what you know, itâs who you know.â LinkedIn is a great social media platform to engage with professionals all over the world on various subject matters and topics. Donât be afraid to put yourself out there and make the connections that could lead you to new opportunities.
Become a lifelong learner
Make a commitment to yourself that no matter what happens, you will always seek knowledge, no matter the method. Explore personal and professional learning opportunities. This may be pursuing an advanced degree to expand opportunities. For others, it can be obtaining a certification within your desired field to land a better position â resulting in a salary increase. If either of those doesnât sound appealing or fit within your current life circumstances, you can always attend conferences, listen to webinars, podcasts, and so many other cost-effective (or free) learning channels to keep your skills in top shape. This could be listening to an audible book while driving in your car or reading a new article every day related to your industry before getting your day started â learning is limitless!
The post How to Increase Your Earning Potential appeared first on MintLife Blog.
There are only two ways to get extra money to save. Either you can cut your expenses or start earning extra income. While reducing your expenses is a good first start to sticking to your budget, thereâs only so many soy lattes and unused gym membership that you can get rid of. Itâs often much more productive to focus your energy on increasing your income.Â
There are a couple of different ways to earn more money. You might consider a side hustle or starting your own business. You can look for another job that pays more or try to get more money from your current employer. In this article, weâll take a look at how to negotiate salary increases and promotions and make sure that youâre getting paid what youâre worth.
The difference between a promotion and a raise
One important distinction to make is the difference between a promotion and a raise. A promotion is usually a change in job title and/or job responsibilities. A raise is just what it sounds like – more money. The two often come together, but not always. Be careful when you get a promotion that it comes with a salary increase commensurate with the added responsibilities youâll be taking on.
Know how much youâre worth
Knowing how much youâre worth is a key factor in the negotiations for a promotion and salary increase. There are many online sites where you can see the average salaries for just about every type of job out there. Compare several different sites to see where your salary fits in. If you can show data that youâre underpaid for someone with your experience, education and responsibilities, that can be something your manager can take to HR to approve your promotion and raise.
Track your accomplishments
If youâre looking to negotiate a salary increase or promotion, start by acting the part. Promotions and raises generally are backwards-looking. What that means is that youâre likely to get a raise for work that youâve done or are doing ALREADY. If youâre planning on talking to your supervisor about a salary increase or promotion, it can be helpful to track your accomplishments.Â
If youâve gone above and beyond your job description, or if youâve received praise from a customer or co-worker, keep notes of when and what. That can be useful ammunition to show why you deserve this raise. Avoid the temptation of comparing yourself to your peers – instead, look at the job responsibilities of the role youâre aiming for. If you have detailed descriptions of how youâve been doing those responsibilities already, youâll be well on your way to getting that promotion.
Have regular conversations with your supervisor
Healthy companies have regular conversations between supervisors and the employees that they manage. It is a trait of a good manager to care about the employment and advancement of the employees that they manage. Donât be afraid to talk with your supervisor regularly – ask her for constructive and timely feedback, and ask for concrete steps on what you would need to do to merit a promotion. Then document those steps and come back in a few months with details of how youâve met those steps and deserve a promotion and a raise!
Be prepared to come with a backup plan
Itâs important to understand the pay and compensation structure of the company youâre at. Many companies have pay âbandsâ or ranges of compensation for a given role. Knowing where your salary fits within that range can be helpful when youâre preparing to negotiate a salary increase.Â
Also, if the company has announced a hiring freeze or layoffs, it might not be the best time to ask for more money. Understanding the bigger situation can help you pick the right time to have the discussion. Be prepared for what youâll do or say if your supervisor turns your request for a raise down. Is there anything else that would be meaningful to you? Maybe itâs a more flexible working arrangement, deferred compensation like stock options or other types of non-monetary compensation.
Donât be afraid to leave
At the end of the day, youâll have to decide how much working at this job is worth it to you. Itâs always a bit nerve wracking to quit your job, but itâs generally much harder to get a significant raise without moving to a new company. You donât want to be hopping around from job to job every few months, but itâs also important to feel like you are getting paid the money that you are worth.Â
If you donât get the promotion youâre looking for, then it may be time to start exploring other options. After all, the best time to look for a new job is while you still have your OLD one (and donât have to worry about making ends meet)
The post How to Negotiate Salary Increases and Promotions appeared first on MintLife Blog.
Credit card balances slightly dipped in November, as the COVID pandemic fallouts continued, and with the government continuing to wrangle about a second round of fiscal stimulus measures.
Consumer revolving debt â which is mostly based on credit card balances â was down $700 million on a seasonally adjusted basis in November to $978.8 billion, according to the FedâsÂ G. 19 consumer credit reportÂ released Jan. 8.
In November, credit card balances were off 1% on an annualized basis, after Octoberâs 6.7% drop, which came on the heels of Septemberâs 3.2% annualized gain.
Total consumer debt outstanding â which includes student loans and auto loans, as well as revolving debt â continued to grow and rose $15.3 billion to $4.176 trillion in November, a 4.4% annualized gain.
Card balances had touched an all-time high in February 2020 before the coronavirus pandemic started impacting consumer spending and bank lending. They dipped below the $1 trillion mark in May, for the first time since September 2017.
The Fed also reports that interest rates on credit cards were at 14.65% in November, with the rates on cards that are assessed interest (since they carry a balance) at 16.28%.
See related: Paying with credit is getting more expensive in the pandemic
Consumers expect household spending to rise
Consumers expect their household spending at the median to grow 3.7% in the year ahead, the highest in more than four years â even though they donât anticipate much growth in their income (2.1%) or earnings (2%) â according to the New York Fedâs survey of consumer expectations for November.
Moreover, they are less optimistic about their household financial situation in the year ahead, with more of them expecting it to decline, and fewer consumers expecting an improvement.
Even then, more respondents are optimistic about their ability to access credit in the coming year, expecting it will be easier. However, the mean probability of missing a minimum debt payment in the next three months rose by 1.6 percentage points to 10.9%. Even then, this is still below its 11.5% average for 2019.
Less cheer on labor market front
On the labor market front, more consumers expect that the U.S. unemployment rate will be higher in the year ahead, with the average probability of this outcome rising to 40.1% in November, from Octoberâs 35.4%.
However, they were less pessimistic about the prospects of losing their jobs, with this probability down to 14.6% on average, from Octoberâs 15.5% (but still above the 2019 average of 14.3%).Â Those above the age of 60 and those without a college degree were more optimistic about holding on to their jobs.
The respondents were less likely to voluntarily leave their jobs, with the mean probability of this down 1.3 percentage points to 16.6% (a low for the survey). Those 60 and older were at the forefront of this decline. However, respondents on average were more optimistic about the prospects for landing a new job if they lost their current ones.
In the meantime, the government reported that the economy shed 140,000 jobs in December, and the unemployment rate remained at 6.7%. The jobs lost were mostly in the sectors hard hit from the pandemic, with closures impacting the leisure and hospitality sector, as well as private education jobs.
The retail sector added jobs to aid holiday shopping, mostly in warehouses (which benefit from e-commerce) and superstores.
Although average hourly earnings for private sector employees rose $0.23, this is mostly because of the loss of lower-paying jobs in the leisure and hospitality sector, which tilted the average wage for the employed workers to the upside.
In online commentary, Diane Swonk, chief economist at GrantThornton, noted, âThe silver lining to a bad overall jobs report is that the losses were concentrated in sectors that are most sensitive to COVID. Many of those jobs will come back once we get to herd immunity. The challenge is getting there, given the slow rollout of vaccines and poor uptake in some areas.â
Given that it will take a while to more fully open the economy, she is in favor of âaid today and another tranche once the new administration takes office.â
See related: Second stimulus deal provides $600 per individual
Application rates for credit cards plunged on pandemic impact
The New York Fed also reported in its credit access survey, which is conducted every four months as part of its survey of consumer expectations, that most credit applications and acceptance rates fell sharply after last February. Mortgage credit was the exception to this.
For credit cards, the application rate was off a steep 10.6 percentage points since February to touch a survey low of 15.7%. This decline impacted all age groups and credit score categories. Applications for credit card limit increases dropped 6.6 percentage points to 7.1% between February and October, another series low since the survey began in October 2013. The decline was spread across all ages and credit score categories.
Consumers applying for credit cards were also subject to steep rejection rates, with this rate rising 11.6 percentage points from February to touch 21.3% in October. Those looking for higher credit limits also were rejected about 37% of the time, from about 25% of the time in February.
No wonder consumers said they were less likely to apply for a credit card or credit limit increase in the next 12 months, with these figures falling 36% and 34% on average since February 2020. Those with credit scores above 680 led this decline.