Retailers, consumers and prices
Check Out Line: Spending Still Down
Check Out unemployment’s strain on consumers’ wallets.
The U.S. Commerce Department said consumer spending contracted 0.6 percent in November, the fifth-straight monthly fall. Incomes shrank 0.2 percent. A separate report showed initial claims for jobless benefits last week reached the highest level in 26 years.
Today, retailers are making a final push to lure last-minute gift hunters but surveys indicate the steep discounts are not inspiring consumers to spend. This year’s U.S. holiday shopping season could be the worst in up to 40 years.
Are you spending more or less this holiday season? Let us know.
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