Credit Delinquency Spikes

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BUSINESS & ECONOMY

📉 Credit Card Delinquency Rates Highest Since 2012: Fed Study

Credit card delinquency rates reached their highest level since 2012 in Q1 2024, according to a new Federal Reserve Bank of Philadelphia study. Delinquencies over 60 days surpassed 2.5%, and revolving balances hit a record $628.6 billion. The surge is driven by high inflation and interest rates. Researchers warn, "Account holders who are behind have larger balances left unpaid."

📈 U.S. Economy Surges 2.8% in Q2, Exceeding Expectations

The U.S. economy grew at an annualized rate of 2.8% in the second quarter of 2024, surpassing expectations. This growth was fueled by robust consumer spending, government expenditure, and inventory investments. Economists had forecasted a 2.1% increase. Joseph Brusuelas, chief economist at RSM stated, "The composition of growth was one of the better mixes that we have observed in some time."

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WORLD

🔥 Historic Canadian Town Devastated by Massive Fires

Monster fires, ignited by lightning and fueled by strong winds, have destroyed up to half of Jasper in Alberta, Canada. Over 25,000 people have evacuated as entire streets are reduced to rubble. Alberta Premier Danielle Smith called it a "nightmare." Pierre Martel of Parks Canada stated, "There are no tools we have in our toolbox to deal with it."

✈️ Russia and China conduct first joint air patrols near the US

Russia and China conducted a joint bomber patrol near Alaska, involving Russian TU-95 and Chinese H-6 aircraft. Detected by US and Canadian jets, they stayed within the Alaskan Air Defense Identification Zone without entering US or Canadian airspace. Alexander Korolev noted, “It is the first occurrence of a joint Russian and Chinese flight in that zone.”

🕊️ White House Supports Phased Gaza Ceasefire

The Biden administration supports a phased ceasefire in Gaza to free hostages and negotiate further peace terms. John Kirby, White House spokesperson, emphasized the need for leadership and compromise, stating, "We believe the gaps are narrow enough, that with compromise and leadership on both sides, they could be closed."

SCIENCE & TECH

🔍 OpenAI Tests AI-Powered Search Engine

OpenAI is testing SearchGPT, an A.I.-powered search engine integrated with ChatGPT for real-time web information access offering enhanced conversational capabilities, simplified finding answers, and providing up-to-date data with relevant links. Tested with select users and publishers like Reuters, it highlights quality content and promises efficient, conversational searches, competing with Google and Microsoft.

🍏 iPhone 17 Slim to Advance Apple's "Single Slab of Glass" Vision 

The iPhone 17 Slim is expected to advance Apple's vision of a "single slab of glass" design with a thinner profile and potentially the narrowest bezels to date. Despite conflicting reports on its specifications, its minimalist aesthetic is likely intended to appeal to users who prioritize sleek design.

SPORTS & ENTERTAINMENT

⚾ Mariners Land Randy Arozarena in Major Trade

The Seattle Mariners have acquired outfielder Randy Arozarena from the Tampa Bay Rays, aiming to strengthen their lineup for a playoff push. In return, the Rays received prospects Aidan Smith and Brody Hopkins addressing Seattle's need for offensive power amid recent injuries. Mariners' management noted, "Arozarena's addition is vital for our postseason goals."

🇺🇸 Coco Gauff to Be Youngest US Olympic Flag-Bearer at 20 

Tennis star Coco Gauff has been chosen as Team USA's female flag bearer for the Paris Olympics, joining NBA legend LeBron James. This marks her debut in the Olympics and the first time a U.S. tennis player has held this honor. Gauff expressed, "I could not be more proud to lead my teammates with LeBron."

OTHER NEWS

🇲🇽 Two Mexican Cartel Leaders Arrested by U.S. Authorities

U.S. authorities arrested Ismael "El Mayo" Zambada García and Joaquín Guzmán López, leaders of Mexico's Sinaloa Cartel. They were tricked onto a private plane under false pretenses. The cartel runs extensive cocaine and fentanyl operations in the U.S., Europe, and beyond. Their capture marks a major success for U.S. law enforcement in combating drug trafficking.

🌡️ Harvey Weinstein Hospitalized with COVID and Pneumonia After Transfer from Rikers 

Harvey Weinstein was transferred from Rikers Island to Bellevue Hospital after contracting COVID-19 and pneumonia. Weinstein, who suffers from multiple health issues including diabetes and high blood pressure, required urgent treatment. This transfer follows previous hospital stays for similar health concerns. His retrial for rape and sexual assault is tentatively set for November 12.

👶 More Americans Choosing to Skip Parenthood

A growing number of U.S. adults under 50 are choosing not to have children, with 47% saying they are unlikely to do so, a 10% increase since 2018. Key reasons include not wanting children (57%), career focus, financial concerns, environmental worries, and partner issues. Women are more likely than men to be child-free. The U.S. fertility rate is at a record low of 1.6 births per woman.

THIS DAY THAT YEAR

On July 26, 1775, the Second Continental Congress established the U.S. postal system, appointing Benjamin Franklin as its first postmaster general. Franklin (1706-1790) laid the groundwork for many features of today's mail system.

BRAIN TEASER

What do the letter "t" and an island have in common?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Yesterday’s teaser was:

What gets bigger the more you take away?

The answer is: A hole

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