Friday, November 27, 2015

Gloomy Friday

As Black Friday looms, the question on most economists' minds is, What kind of holiday retail season are we in for? Here's one negative sign: Consumers report slightly lower intended holiday spending in 2015 than they reported in 2014, according to the 16th annual holiday spending survey conducted by the Consumer Federation of America and Credit Union National Association. 

In this year's survey, 38 percent of the respondents said they would reduce their spending this year, up from 33 percent last year. Both this year and last, 10 percent of those surveyed said they would spend more.

People do feel a bit more confident of their economic security this year, though. For the first time since the question was asked back in 2012, more than half of those surveyed said they had sufficient extra funds to “pay for an unexpected expense of $1,000."

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