US economy faces new challenges but will persevere
Q1 report findings
The US economy contracted in Q1 for the first time since the pandemic-driven recession ended, but the domestic economy showed resilience in the face of Omicron, lingering supply constraints, and high inflation. Delinquency rates rose across the term periods; the 90+ days past due (DPD) climbed to 0.9 percent. However, these dynamics aren’t significant enough to trigger any alarm bells. Looking ahead, intensifying headwinds from more aggressive Fed tightening and tighter financial conditions will slow activity this year without stalling it.
About the report
Experian/Oxford Economics’ Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as provides commentary on what specific trends mean for credit grantors and the small-business community. Critical factors in the Main Street Report include a combination of business credit data (credit balances, delinquency rates, utilization rates, etc.) and macroeconomic information (employment rates, income, retail sales, industrial production, etc.).