Household debt in NYC

Our August economic report is here   No. 92 - August 13, 2024 New York by the Numbers Monthly Economic and Fiscal Outlook [READ MORE]( Photo Credit: marchello74/Shutterstock   A Message from the Comptroller Dear New Yorkers, Here at the Comptroller’s office, we have many critical responsibilities. But there’s none we take more seriously than protecting the retirement security of the members of the City’s five pension funds: our teachers, cops, firefighters, sanitation workers, public hospital nurses, accountants, school crossing guards, and so many more. So I’m delighted to report that for the fiscal year ending June 30, our five pension funds achieved a combined net return of 10.0%, outpacing the 7% actuarial target set for us by the State legislature (and ahead of some of our large U.S. public pension fund peers as well). As a result, the funds ended FY24 with a value of $274.4 billion in assets, making us now the third largest public pension system in the country. Thanks to the hard work of our Bureau of Asset Management, working in close partnership with the trustees of the five funds, this 10% net return not only strengthens the retirement security of our retirees. It also translates into $1.8 billion of savings for the City budget over the next five fiscal years – money we can invest in our schools, parks, sanitation, safety, or other crucial programs to improve the quality of life for New Yorkers. While I’m pleased by this year’s returns, we always stay focused on long-term results, the most important metric for determining a pension fund’s success. And on that note, the Systems have an annualized average five-year return of 7.4% and a ten-year return of 8.1%. We’ll keep working hard every day to achieve strong returns and provide retirement security for the hardworking New Yorkers who have served our city. For our [Spotlight]( this month, we take the first published look at consumer debt levels and trends for New York City households in recent years. With the help of federal pandemic stimulus, many households were able to pay down credit card debt in 2020 and 2021. Unfortunately, over the past year, credit card debt levels and delinquencies have increased significantly, especially among residents of the Bronx, low-income neighborhoods, and holders of student debt. If we want all households to have financial security, the numbers show we’ve got work to do. Brad Lander   Table of Contents - [The U.S. Economy]( - [New York City Economy]( - [City Finances]( [View the August Newsletter](   Spotlight Household Debt Trends Among NYC Residents Every quarter, the New York Fed issues a comprehensive report on the debt and credit condition of U.S. households. In this Spotlight, we focus on trends specific to New York City residents, with a particular focus on credit card debt. [View the Spotlight](     In Case You Missed It Over the past month, the Office of Comptroller released the following announcements on the state of NYC’s economy and finances: - [NYC Comptroller Lander Announces Robust 10.0% Investment Return for New York City Retirement Systems During Fiscal Year 2023-2024]( - [NYC Comptroller Lander and Pension Trustees Announce Adoption of First in the Nation Housing Standards for Private Real Estate Investment Portfolio]( - [Mismanagement of DocGo Contract by Adams Admin Wasted Millions of Dollars on Unused Hotels, Unauthorized Subcontractors, & Moldy Rooms for Asylum Seekers, New Audit from Comptroller Lander Finds]( - [NYC Comptroller Presses Pharmacy Giants To Provide Abortion Medication or Risk Losing Investor Confidence]( - [Longer Court Case Processing Times Inflate NYC’s Jail Population & Cost Taxpayers Nearly $1 Billion Annually, Comptroller Lander’s Report Reveals]( - [New York’s Comptrollers Call on eBay to Bargain in Good Faith with Workers and Expeditiously Reach a Collective Bargaining Agreement]( - [NYC Comptroller Lander & Coalition of Advocates and Litigators Announce Two New Lawsuits Challenging Gov. Hochul’s Indefinite Pause of Congestion Pricing]( - [Statement by Comptroller Brad Lander on Charter Revision Commission’s Meaningless Proposals and Effort to Distract New Yorkers]( - [Comptroller Lander’s Report Offers Overview of Per Diem Hotel and Service Costs for Shelter for Asylum Seekers](   [Facebook]( [Twitter]( [Instagram]( [Office of the New York City Comptroller Brad Lander]( Office of the New York City Comptroller Office of New York City Comptroller Brad Lander 1 Centre Street New York, NY 10007 United States   This email was sent to {EMAIL}. If you wish to no longer receive these messages, please unsubscribe. [unsubscribe](