Morning Business Report: A new flu vaccine is being tested
Total consumer debt rose to an all-time high in the first quarter of this year. According to the Federal Reserve Bank of new York, increases to mortgage balances, auto loans, and student loans put debt at a record level of $17 trillion. Collectively, Americans owe nearly $1 trillion on credit cards. The average balance rose to $5,733. The share of credit card late payments have also risen this year.
Meanwhile, Americans are also setting vacation records and splurging at bars, restaurants and hotels. Leisure and hospitality is expected to fully recoup all its Covid-related job losses this year.
Stocks close flat as investors await D.C. debt ceiling negotiations.
Talks about avoiding a default on debt are set to resume today, between Republicans and Democrats.
The National Institutes of Health is enrolling patients in an early stage clinical trial to test a universal flu vaccine. This new vaccine is based on MRNA technology, similar to, but behind Moderna’s and Pfizer’s widely used Covid vaccines. Scientists hope the vaccine will protect against a wide variety of flu strains and provide long-term immunity, eliminating the need for people to get their flu shot every year.
The national office market is off to a tough start this year. Leasing activity continues to slow and vacancy is rising. At the same time, there is the ever-looming threat of debt payments due. Office market reports from major commercial real estate brokerages point to a market that’s yet to find its post-pandemic footing. The data shows that a majority of workers who were able to work from home still do, some or all of the time.
