The Institute for Supply Management’s manufacturing gauge fell to 46, the weakest since May 2020, from 46.9 a month earlier, according to data released Monday.
Credit card interest rates are also playing a role in the higher total debt, reaching their own record highs this year
As average balances tick higher, households’ finances are near their “breaking point,” a separate study by WalletHub found.
Delinquencies are already on the rise, TransUnion found. A delinquency is a payment that’s 60 days or more overdue.