Total U.S. student debt hit a record $1.31 trillion last year, according to the Federal Reserve Bank of New York. Outstanding loans taken out for higher education have doubled since 2009, data show. Close to one-quarter of student debtors whose bills have come due are in default or at least 90 days late on their required monthly payments.
Memo to job-seekers: You’ve probably got more of a chance of walking dogs for a living than teaching kids in the coming decade’s labor market, according to a report from the New York-based Conference Board on the changing composition of consumer demand — the main driver of the economy — over the next 10 years. Spending on pets is forecast to rise strongly as boomers — perhaps pining for children who have flown the coop — shower their attention and money on newfound furry friends.