Morning Business Report: Cheaper flights, economic shifts

Airfare dropped 5.3% in March compared to the previous year, according to the latest data from the Bureau of Labor Statistics.

(LILAMAX)-Good news for travelers, airfare dropped 5.3% in March compared to the previous year, according to the latest data from the Bureau of Labor Statistics. This decline in flight costs could offer a bright spot in an otherwise uncertain economic climate. However, the reduction in fares comes amid faltering demand for domestic travel.

While consumers are seeing some savings on flights, banks are taking precautions for potential economic challenges. JPMorgan Chase and Citigroup are stockpiling cash to cover possible future losses, while Synchrony is tightening lending standards. U.S. Bancorp, meanwhile, is shifting its marketing focus toward wealthier customers.

Despite strong overall consumer spending, there are signs of distress in the economy, including rising delinquencies.

The stock market showed a positive week last week, but most stocks are on track for a down month of April.

In the face of economic anxiety, large consumer companies are reporting that American shoppers are tightening their belts. Companies like Chipotle and PepsiCo are responding by offering smaller, more affordable snack packs.

 LinkedIn’s latest workforce confidence survey reveals that more than half of U.S. job seekers have been searching for a job for six months or longer. However, job seekers in certain roles are finding work more quickly. Sales professionals are most likely to report having searched for just three months or less, followed by program and project managers and researchers. Conversely, two-thirds of active job seekers in marketing say they have been searching for more than six months.