Today is Wednesday (July 6) and gas prices have fallen for 21 consecutive days, with the national average today at $4.78, according to AAA. The Institute for Supply Management releases its non-manufacturing PMI for June this morning. This gauge of services sector activity is forecast to drop again for the third straight month to 54.3, the lowest since May 2020.
Also this morning, the Job Openings and Labor Turnover Survey, or JOLTS report, comes out at 10 a.m. The Labor Department is expected to say that employers created another 250,000 jobs in June, less than the 390,000 added in May. Here’s what else should be on your radar.
Grubhub Prime Perk. Amazon Prime customers can now get a free membership to Grubhub+ with no-fee delivery from select restaurants. The partnership between Amazon and Grubhub also gives the eCommerce giant a potential stake in the food delivery platform of between 2% and 15%. READ MORE
Chapter 11. Halting withdrawals and getting a bailout loan wasn’t enough to keep crypto lender Voyager afloat. The company and its affiliates filed for Chapter 11 bankruptcy protection to restructure and “create a path” to resume operations. CEO and Co-founder Stephen Ehrlich said Chapter 11 is a “comprehensive reorganization” and the “best way to protect assets on the platform.” READ MORE
Bring on the Fun. Despite inflation, 66% of retail subscribers said they’re in it for enjoyment and convenience, according to the new report, “The Subscription Commerce Conversion Index,” a PYMNTS and sticky.io collaboration. The report looks at how merchants are customizing their subscription offerings and how consumers are engaging against the backdrop of inflation. READ MORE
Mobility Without Fraud. People want their money to move fast but security is also always top of mind because the faster money moves, the greater the risk of fraud. This latest edition of the Money Mobility Tracker®, a PYMNTS and Ingo Money collaboration, takes a look at the security, anti-money laundering, and anti-fraud measures banks are adopting during critical parts of the customer journey.
ICYMI. About 12% of consumers are paying on average more than $1,000 for a luxury car payment due to supply chain snarls, product shortages, inflation, and interest rate hikes. The average annual percentage rate is now at 5% for a new car loan, up from 4% in early 2020.