Fair 57°
Tag:

Consumer Spending

Business
Macy's Laying Off 1K+ CT Workers Amid Northeast Store Closings: What To Know Macy's Laying Off 1K+ CT Workers Amid Northeast Store Closings: What To Know
Macy's Laying Off 1K+ CT Workers Amid Northeast Store Closings: What To Know Macy's is laying off more than 1,000 employees as the department store chain closes several locations across the Northeast. The layoffs are tied to the closures of two major distribution centers in Connecticut. The South Windsor facility will close in mid-March, while the one in Cheshire will wind down operations before fully shuttering in April 2027. Macy's said the layoffs are part of the company's effort to make its supply chain more efficient, according to filings with the Connecticut Department of Labor. "We are grateful to have been a part of these communities and appreciate the…

SHARE

by Chris Spiker
Business
These Stores Sell Least Expensive Thanksgiving Food, New Study Finds These Stores Sell Least Expensive Thanksgiving Food, New Study Finds
These Stores Sell Least Expensive Thanksgiving Food, New Study Finds As grocery prices keep climbing before Thanksgiving, a new study shows where you can trim your budget for your holiday feast. NetCredit compiled a list of the least expensive supermarkets for Thanksgiving essentials. The online lending website compared Thanksgiving food prices at 19 major national and regional grocery chains. The study found that Walmart had the most affordable overall meal, feeding six to eight people for $52.74. That was more than 13% cheaper than the Texas grocery chain H-E-B, which was the second-most affordable store overall. Mid-Atlantic supermarket ch…

SHARE

by Chris Spiker
Business
Higher Costs Grounding Winter Travel Plans For Most Americans, Survey Finds Higher Costs Grounding Winter Travel Plans For Most Americans, Survey Finds
Higher Costs Grounding Winter Travel Plans For Most Americans, Survey Finds Winter vacations are feeling out of reach for many Americans, as rising prices and President Donald Trump’s tariffs squeeze household budgets, according to a new study. WalletHub released its 2025 Winter Travel Survey on Wednesday, Oct. 15. The personal finance website found that 54% of Americans say inflation will affect their winter travel plans. More than half (51%) also believe that a weaker dollar will impact what they can afford. According to Morgan Stanley, the US dollar's value fell about 11% in the first half of 2025, the biggest drop since 1973. One in four Americans sa…

SHARE

by Chris Spiker
Business
Fed Approves First Rate Cut Of 2025 As Job Market Slumps: What To Know Fed Approves First Rate Cut Of 2025 As Job Market Slumps: What To Know
Fed Approves First Rate Cut Of 2025 As Job Market Slumps: What To Know The Federal Reserve has cut its key interest rate for the first time in 2025 amid a slowing job market and economic pressure from President Donald Trump's tariffs. The Fed approved the quarter-point reduction to interest rates on Wednesday, Sept. 17. The overnight funds rate will drop to between 4% and 4.25%, in the first rate cut since December 2024. The cut comes as the Fed warns about rising prices and a slumping labor market. "Recent indicators suggest that growth of economic activity moderated in the first half of the year," the Fed said in a news release. "Job gains have slowed,…

SHARE

by Chris Spiker
Business
McDonald’s CEO Flags Consumer Strain, Brings Back Value Deals McDonald’s CEO Flags Consumer Strain, Brings Back Value Deals
McDonald’s CEO Flags Consumer Strain, Brings Back Value Deals America’s diners are splitting into haves and have-nots, and McDonald’s is feeling it, CEO Chris Kempczinski says. In an interview with CNBC’s Squawk Box earlier this month, Kempczinski described a “two-tier economy” in which higher-income consumers remain confident while lower- and middle-income Americans are under mounting pressure when they eat out.  He said recent sales analysis shows the divide growing, with value-focused guests pulling back or trading down. To meet the moment, McDonald’s is leaning harder into deals. The chain is rolling out an Extra Value lineup that inclu…

SHARE

by Joe Lombardi
Business
McDonald's Extra Value Meals Return With Huge Deals: Here's What's On The Menu McDonald's Extra Value Meals Return With Huge Deals: Here's What's On The Menu
McDonald's Extra Value Meals Return With Huge Deals: Here's What's On The Menu McDonald's is doubling down on discounts by bringing back its Extra Value Meals. The fast-food chain announced the return in a news release on Tuesday, Sept. 2. The special deals will be available at restaurants nationwide starting on Monday, Sept. 8. McDonald's is leaning on promotions to win back budget-conscious customers. The combo meals, which were last promoted before the COVID-19 pandemic, save diners about 15% compared to buying items separately, the company said. Breakfast options include the Sausage McMuffin with Egg, Egg McMuffin, Bacon, Egg, and Cheese Biscuit, and th…

SHARE

by Chris Spiker
Business
Claire's Files For Bankruptcy As Mall Traffic Declines, Debt Rises For Ear-Piercing Icon Claire's Files For Bankruptcy As Mall Traffic Declines, Debt Rises For Ear-Piercing Icon
Claire's Files For Bankruptcy As Mall Traffic Declines, Debt Rises For Ear-Piercing Icon Famous tween retailer Claire's is declaring bankruptcy as the popular mall chain struggles with debt, shrinking traffic, and trendy competition. Claire's is filing for bankruptcy in Delaware and Canadian courts, the company said in a news release on Wednesday, Aug. 6. The retailer known for children's jewelry and piercings is in a race to pay off a nearly $500 million loan by December 2026, Bloomberg reported. The move will allow Claire's to begin selling off assets while continuing talks with potential buyers, according to CEO Chris Cramer. "This decision is difficult, but …

SHARE

by Chris Spiker
Business
Trump Slaps 25% Tariffs On Japan, South Korea As Global Trade Deals Deadline Nears Trump Slaps 25% Tariffs On Japan, South Korea As Global Trade Deals Deadline Nears
Trump Slaps 25% Tariffs On Japan, South Korea As Global Trade Deals Deadline Nears President Donald Trump will impose 25% tariffs on imports from Japan and South Korea, just two days before a pause on his "liberation day" duties is set to expire. Trump released screenshots of letters announcing the new tariffs on his social media platform Truth Social on Monday, July 7. The letters were addressed to Japanese Prime Minister Ishiba Shigeru and South Korean President Lee Jae-myung. Both letters say the US will begin charging the new tariff rate on Thursday, Aug. 1. "Please understand that these Tariffs are necessary to correct the many years of Japan's Tariff, and…

SHARE

by Chris Spiker
Business
Private Sector Loses Jobs For First Time Since 2023 Amid Trump Tariffs, Inflation: ADP Private Sector Loses Jobs For First Time Since 2023 Amid Trump Tariffs, Inflation: ADP
Private Sector Loses Jobs For First Time Since 2023 Amid Trump Tariffs, Inflation: ADP Private employers lost more jobs than they added for the first time in more than two years, as new data shows Americans pulling back on spending under the weight of inflation and President Donald Trump's sweeping tariffs. Businesses lost 33,000 jobs in June, according to the ADP National Employment Report released on Wednesday, July 2. That was the first monthly drop since March 2023 and behind May's downwardly revised figure of 29,000. June's numbers came in far below Wall Street's expectations, with Dow Jones economists forecasting a gain of 100,000 jobs, CNBC reported. "Though…

SHARE

by Chris Spiker
Business
Ground Beef Prices Surge To Record High Before Fourth Of July Cookouts: Here's Why Ground Beef Prices Surge To Record High Before Fourth Of July Cookouts: Here's Why
Ground Beef Prices Surge To Record High Before Fourth Of July Cookouts: Here's Why If you plan on enjoying a burger on the Fourth of July, it may be more expensive than ever. The retail price of a pound of ground beef hit a record high of $5.98 in May, according to the Bureau of Labor Statistics. That's up by 18 cents from April and a 16.2% increase from the May 2024 average of $5.15. An American Farm Bureau Federation (AFBF) survey puts the retail price even higher, now averaging $6.67 a pound. Feeding 10 people a standard Independence Day cookout – including burgers, chicken, beans, and potato salad – costs about $70.92, or $7.09 a person. While the …

SHARE

by Chris Spiker
Lifestyle
Inflation, Trump Tariffs Hurting Americans' Fourth Of July Plans, Survey Finds: Here's How Inflation, Trump Tariffs Hurting Americans' Fourth Of July Plans, Survey Finds: Here's How
Inflation, Trump Tariffs Hurting Americans' Fourth Of July Plans, Survey Finds: Here's How The stars and stripes may fly high on the Fourth of July, but most Americans say they're feeling financially grounded in 2025. WalletHub conducted a survey, along with compiling facts and figures, about how the US will celebrate Independence Day in 2025. The studies were released on Wednesday, June 25. The personal finance website found that 79% of Americans believe the country's independence is threatened by the rising federal debt. More than half are adjusting their Fourth of July plans because of inflation, high prices, and a shaky economy under President Donald Trump's sweepin…

SHARE

by Chris Spiker
Business
Inflation Ticks Up, Spending Slips As Trump's Tariffs Tighten Grip On Economy Inflation Ticks Up, Spending Slips As Trump's Tariffs Tighten Grip On Economy
Inflation Ticks Up, Spending Slips As Trump's Tariffs Tighten Grip On Economy Consumer spending cooled in May as inflation crept higher, signaling new pressure on Americans' wallets amid President Donald Trump's sweeping tariffs. The Federal Reserve's primary inflation reading, the personal consumption expenditures price index, rose 0.1% in May to an annual rate of 2.3%, according to Bureau of Economic Analysis data released on Friday, June 27. Those increases matched ones forecasted by Dow Jones economists, CNBC reported. Core inflation, which excludes food and energy, rose by 0.2% in May to 2.7%, slightly ahead of the 0.1% and 2.6% forecasts. Th…

SHARE

by Chris Spiker
Real Estate
Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers
Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers Homebuilder confidence just sank to its third-lowest level since 2012 as President Donald Trump's sweeping tariffs and stubbornly high mortgage rates scare off prospective homebuyers. Builder sentiment dropped two points to 32 in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index released on Thursday, June 17. That's barely above the readings of 31 in December 2022 and 30 in April 2020. In the Northeast, sentiment slipped one point to 43 on a three-month moving average. A score above 50 means more builders see conditions as good than poor…

SHARE

by Chris Spiker
Business
Major Home Goods Chain Declares Bankruptcy, Blames Trump Tariffs: See List Of Closing Stores Major Home Goods Chain Declares Bankruptcy, Blames Trump Tariffs: See List Of Closing Stores
Major Home Goods Chain Declares Bankruptcy, Blames Trump Tariffs: See List Of Closing Stores A popular home goods retailer is declaring bankruptcy, citing President Donald Trump’s sweeping tariffs and a significant drop in consumer spending. At Home has filed for Chapter 11 bankruptcy, the Dallas-area company announced on Monday, June 16. The retailer said it reached a deal with lenders to eliminate nearly $2 billion in debt and receive a $200 million capital infusion. The move will allow At Home to continue operating during the court-supervised restructuring process. "We are continuing to offer the home furnishing pairings that customers expect to find at our store…

SHARE

by Chris Spiker
Business
Beer Sales Hurt By Trump's Immigration Policies As Tariffs Shake Economy, Top Importer Warns Beer Sales Hurt By Trump's Immigration Policies As Tariffs Shake Economy, Top Importer Warns
Beer Sales Hurt By Trump's Immigration Policies As Tariffs Shake Economy, Top Importer Warns The producer of the best-selling beer in the US says President Donald Trump's immigration policies are hurting sales – adding fuel to economic instability from his global trade wars. Constellation Brands CEO Bill Newlands told investors that immigration concerns and higher prices are forcing many of the company's core customers to cut back on spending – including beer. He made the comments during an earnings call on Thursday, April 10. Newlands said immigration fears are among many socioeconomic factors worrying Hispanic customers, who make up about half of Constellation's be…

SHARE

by Chris Spiker
News
Grocery Shoppers Pivot As Inflation Reshapes Spending Grocery Shoppers Pivot As Inflation Reshapes Spending
Grocery Shoppers Pivot As Inflation Reshapes Spending As inflation continues to strain household budgets, consumers are scaling back purchases of both name-brand and private-label snacks and drinks.  TreeHouse Foods, a leading manufacturer of private-label products for major retailers like Walmart and Trader Joe’s, is now feeling the pinch, according to a report by The Wall Street Journal.  After initially benefiting from consumers shifting toward budget-friendly options, TreeHouse is now seeing slower sales growth as rising costs for essentials like coffee and eggs impact spending, the outlet said. Once a growth driver, private-lab…

SHARE

by Joe Lombardi
Business
Private Job Growth Hits Lowest Point In Months As Trump's Trade Wars Shake Economy Private Job Growth Hits Lowest Point In Months As Trump's Trade Wars Shake Economy
Private Job Growth Hits Lowest Point In Months As Trump's Trade Wars Shake Economy Job growth in the private sector slowed to its weakest pace in seven months, as hiring lags amid economic uncertainty and rising trade tensions, according to new data. Private employers added just 77,000 jobs in February, the ADP said in its National Employment Report released on Wednesday, Mar. 5. That number marks the smallest job growth since July 2024 and was down sharply from January's revised total of 186,000. February's data is the latest in a wave of troubling economic indicators during the first two months of President Donald Trump's return to office. "Policy uncertainty…

SHARE

by Chris Spiker
News
CT Among Best States For Grocery Affordability Based On Income, New Study Says CT Among Best States For Grocery Affordability Based On Income, New Study Says
CT Among Best States For Grocery Affordability Based On Income, New Study Says Inflation and soaring grocery prices are squeezing US households at the beginning of 2025, but a new study says Northeast families are spending less of their income on food than other parts of the country. A study from WalletHub called States Where People Spend the Most & Least on Groceries was released on Thursday, Feb. 13. Despite higher food costs, residents in many Northeast and mid-Atlantic states spend a smaller share of their incomes on groceries compared to others. WalletHub said the cost of groceries has surged more than 25 percent since 2019, straining household…

SHARE

by Chris Spiker
Business
Valentine's Day Spending To Hit Record High—And Not Just On Romantic Partners: Survey Valentine's Day Spending To Hit Record High—And Not Just On Romantic Partners: Survey
Valentine's Day Spending To Hit Record High—And Not Just On Romantic Partners: Survey Gift buying and date expenses for Valentine’s Day may reach new heights as Americans plan to spend more than ever on loved ones, a new survey said. US consumers will spend an estimated $27.5 billion in 2025, according to a survey from the National Retail Federation and Prosper Insights & Analytics. That would surpass the previous record of $27.4 billion in 2020 and 2024's total of $25.8 billion. Valentine's Day shoppers will spend an average of $188.81, slightly up from $185.81 in 2024. More than 56 percent plan to celebrate the holiday, an increase from 53 percent in 2024. M…

SHARE

by Chris Spiker
News
Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction
Fed Pauses Interest Rate Cuts Despite Trump's Push For Immediate Reduction The Federal Reserve kept its key interest rate in place, pausing further cuts and ignoring a demand by President Donald Trump to immediately drop rates. After three months of reductions, the Fed decided to keep the key interest rate target at 4.25 to 4.5 percent. The Fed announced the decision on Wednesday, Jan. 29, after its first meeting since President Trump returned to the White House. Chair Jerome Powell said the Fed is monitoring inflation and economic stability under the Trump administration. "We remain committed to supporting maximum employment, bringing inflation sustain…

SHARE

by Chris Spiker
Business
7-Eleven To Close Hundreds Of Stores 7-Eleven To Close Hundreds Of Stores
7-Eleven To Close Hundreds Of Stores Convenience store chain 7-Eleven is closing hundreds of stores in North America. Parent company Seven & I Holdings said that the 444 locations were “underperforming.” They make up about 3 percent of 7-Eleven's total of around 13,000 outlets in the US, Canada, and Mexico. Specific sites of the stores have not yet been released. In announcing the closures, the company said that 7-Eleven stores saw a 7.3 percent decline in traffic in August, saying a "pullback in consumer spending has persisted beyond prior expectations" that has affected store traffic and sales growth "as consu…

SHARE

by Joe Lombardi
Business
Popular Fast Casual Dining Chain Files For Bankruptcy Popular Fast Casual Dining Chain Files For Bankruptcy
Popular Fast Casual Dining Chain Files For Bankruptcy A popular fast casual dining chain has filed for bankruptcy after months of reporting financial distress. BurgerFi International, Inc., announced the Chapter 11 filing on Wednesday, Sept. 11. The Florida-based company is also the parent company of Anthony’s Coal Fired Pizza. All 144 locations of the two brands across the the nation will remain open and continue normal operations. BurgerFi makes up 93 of the eateries, and Anthony's the other 51. The Chapter 11 filing includes the 67 corporate-owned locations of both brands. "BurgerFi and Anthony's Coal Fired Pizza & Wings are dyn…

SHARE

by Joe Lombardi