The share of credit card balances past due reached a series high in Federal Reserve Bank of Philadelphia data back to 2012, adding to a variety of figures indicating emerging fissures in the US economy.

Some 2.6% of credit card balances were 60 days past due in the first quarter, according to data published Wednesday. That’s up from a low of 1.1% reached in 2021, when consumers were bolstered by pandemic-era support programs.

The share of credit card balances 30 days and 90 days past due also climbed in the first three months of the year to the highest levels in data back to 2012.

Economists have been watching measures of consumer finances for signs of stress as the Fed keeps interest rates elevated in order to bring down inflation. Americans have now burned through the excess savings accumulated during the pandemic, a worrying sign that consumers — especially lower-income ones — may not be able to keep weathering high rates.

The Philadelphia Fed’s credit-card series is based on data gathered from the country’s largest financial institutions.

Breach affects 500 million customers of Ticketmaster

Ticketmaster is alerting customers in the U.S., Mexico and Canada about a data breach affecting account holders’ personal information, banking details and encrypted credit cards.

In the “notice of data breach” email and an online post, Ticketmaster says the unauthorized activity took place between April 2 and May 18.

The company said it learned on May 23 of the breach on “an isolated cloud database hosted by a third-party data services provider.” The company did not disclose the name of that third-party vendor and but its data “was secure.”

The New York Times reported in late May that the breach claimed by the hacker group ShinyHunters affected more than 500 million Ticketmaster customers. ShinyHunters has taken credit for breaches at Microsoft and AT&T, among dozens of other companies, the Times reported, citing federal prosecutors.

Ticketmaster said the breach affected customers’ basic information, including their name, date of birth, banking information and credit card numbers and expirations dates. The company did not disclose in the email or its notice how many customers were part of the breach.

Ticketmaster said that if customers had not received a letter by email or first-class mail, they likely were not among those affected by the data breach.

Uber, Lyft prevail in gig-worker ruling in California court

Uber Technologies and Lyft can keep classifying California drivers as independent contractors, after the state’s top court said a company-backed law passed by voters doesn’t wrongly curtail the legislature’s power over worker protections.

The unanimous ruling upholding California’s Proposition 22, which received majority voter support in 2020, was released Thursday.

The favorable ruling for the gig economy companies removes what investors regarded as a major regulatory overhang. Had the judge ruled to invalidate Prop 22, the companies would have faced the threat of millions of dollars in additional cost to pay drivers if they were to be reclassified as employees, upending their business models and potentially raising user costs in one of their biggest US markets.

Justice Goodwin H. Liu wrote Thursday that California’s constitution doesn’t bar voters from passing legislative initiatives on matters impacting workers’ compensation, the issue that this case specifically centered on.

“It would unduly restrict the initiative power to give the Legislature what would essentially be a first-mover advantage, precluding the electorate from undoing any action the Legislature takes pursuant to” the workers’ compensation system, Liu wrote.

Chipotle will spend $50M correcting portion sizes

After a customer revolt over portion inequity, Chipotle Mexican Grill Inc. is making sure its diners are getting generous serving sizes.

The Newport Beach-based burrito chain will take a $50 million hit by ensuring workers serve “correct and generous portions,” Chief Financial Officer Jack Hartung told analysts during the company’s earnings conference call. Chipotle found that about 10% to 15% of its restaurants were getting a disproportionate number of comments about portion sizes, he said.

The company is “doubling down” on training at those stores to ensure workers serve the right amount of food, including the required two generous scoops of rice and four ounces of meat.

Compiled from staff and Bloomberg reports.