- The tragedy that hit our state last week ranks as one of the deadliest and costliest flash floods in US history. From 1980 through last year, flooding has killed hundreds of people nationwide and inflicted at least $203 billion in losses, according to data from the National Centers for Environmental Information. This tragedy has hit Texas and our nation hard. We have heard from many clients this week, and we are grateful for the outpouring of well wishes and prayers. Luckily, no family members within the DRL Group were impacted; however, we all know people who are good friends who were. Thank you
once again for your thoughts and prayers; it means a lot.
- US consumer borrowing increased in May at the slowest pace in three months, driven by a pullback in credit card and other revolving debt outstanding. The slowdown in borrowing coincides with a moderation in household spending during the month. This is a result of a pickup in concerns about the economy and labor markets, we are sure of.
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