23 PUB. 12 2022 ISSUE 1 ONE LAST THING ... Did you know that you can enjoy your association news anytime, anywhere? Scan the QR code or visit: the-arizona-banker.thenewslinkgroup.org Check it out! The new online article build-outs allow you to: • Stay up to date with the latest association news • Share your favorite articles to social channels • Email articles to friends or colleagues There is still a flipping book for those of you who prefer swiping and a downloadable PDF. 2. Growth in our same-store population of financial institutions outpaced market predictions, with purchases in the Goods sector up 13.7% for credit and 11.8% for debit over the cumulative three-month holiday season. The strongest period for purchases remained Thanksgiving week through the week before Christmas. Consumers resumed in-person holiday shopping, with Goods sector Card Present (CP) credit purchases up 20.9% and CP debit purchases up 12.4% compared to 2020. 3. The CPI-U for December increased to 7.0%, the largest yearly increase since June 1982. The “core” PCE (Personal Consumption Expenditures) price index, excluding food and energy prices due to their volatility, rose to 5.5% in December — the most significant 12-month increase since February 1991. The Federal Reserve is wrapping up its large-scale bond repurchase program by spring and hinted that interest rate changes could come as early as March to curb the high inflation. 4. Workers remained in short supply as many retailers paid premiums for seasonal holiday staff. The unemployment rate fell to its lowest point since the onset of the COVID-19 pandemic, registering at 3.9% in December with 199,000 jobs created. Prior to the pandemic in February 2020, the unemployment rate was 3.5%, with 5.7 million unemployed. Sourcing employees remains a top concern. Looking Ahead Almost two years into the COVID-19 pandemic, consumers are growing increasingly weary and yearn for a return to some sort of “normal,” and this sentiment is reflected in spending habits. As consumer preferences and behaviors continue to shift and evolve, Primax will deliver timely, relevant insights into consumer spending trends. We hope that these insights will help our financial institutions make informed decisions as we journey through 2022. To access the complete Primax Payments Pulse: 2021 Holiday Spending Report, visit Primax.us/Insights. w ABOUT PRIMAX Primax provides community banks with payment processing services and an expansive array of value-added technology and solutions. Primax’s customizable solutions, including risk management, mobile and online card management, data and analytics, loyalty programs, marketing, strategic consulting, delinquency management and contact center services, help community banks profitably grow their portfolios and deliver an unparalleled experience to their account holders. With a longstanding commitment to service excellence, Primax has been designing and providing support services for banks throughout the U.S. and the Caribbean for over 40 years. For more information, visit primax.us.
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