Summary of Financial Services: United States of America

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Financial Services: United States of America summary
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Rating

6


Recommendation

The United States, which led worldwide markets into a downward spiral during the 2008 crisis, is now fronting the recovery. Yet while positives such as an improved housing market, increased savings and expanded credit availability are encouraging, US banks and other financial services firms face challenges from slow wage growth, increased regulation and the possibility of rising interest rates. This review from the Economist Intelligence Unit reports on major trends since 2008 and on today’s standings, though it covers little – if any – new ground. getAbstract recommends it for its broad-brush overview of American financial markets and economic trends.

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

 

Summary

The financial services industry is a critical part of the US economy, accounting for 6.6% of GDP. The US boasts the world’s biggest markets for stocks, bonds, bank assets and insurance. Its number of “high-net-worth individuals” has topped pre-2008 levels, and the personal savings rate is almost twice what it was in 2005. Household debt remains elevated, but ratios and delinquency rates have improved, and mortgage balances expanded in 2013 for the first time since 2008, before the housing market moderated in 2014. Credit card debt is stable, though less joblessness could spur borrowing...


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