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Economic Trends

Hartford, CT
Business
Black Friday Spending To Drop For First Time In Years, New Survey Finds: Here's Why Black Friday Spending To Drop For First Time In Years, New Survey Finds: Here's Why
Black Friday Spending To Drop For First Time In Years, New Survey Finds: Here's Why More Americans are cutting back on holiday spending as rising prices and higher living costs weigh on families, according to a new survey. Deloitte released its findings about Black Friday and Cyber Monday expectations on Monday, Nov. 24. The major accounting firm found that shoppers expect to spend an average of $622 between Thursday, Nov. 27, and Monday, Dec. 1. The Black Friday-Cyber Monday spending forecast is down 4% from 2024, marking the first decline after four straight years of growth.  "While we expect shoppers to plan to pull back on spending, we also anticipate s…

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by Chris Spiker
Hartford, CT
Business
McDonald's, Krispy Kreme End Doughnut Partnership As Chains Face Sales Slumps McDonald's, Krispy Kreme End Doughnut Partnership As Chains Face Sales Slumps
McDonald's, Krispy Kreme End Doughnut Partnership As Chains Face Sales Slumps The Krispy Kreme "red hot" light is about to turn off at McDonald's. Krispy Kreme and McDonald's are ending their deal to sell the popular doughnuts at the fast-food restaurant, the companies announced on Tuesday, June 24. The partnership will officially end on Wednesday, July 2. The move ends plans to expand Krispy Kreme doughnuts to McDonald's locations nationwide by 2026. "Ultimately, efforts to bring our costs in line with unit demand were unsuccessful, making the partnership unsustainable for us," Krispy Kreme CEO Josh Charlesworth said. The companies launched a pilot progr…

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by Chris Spiker
Saratoga Springs, NY
Real Estate
Home Listings Surge To Record $698 Billion As Buyers Back Off Home Listings Surge To Record $698 Billion As Buyers Back Off
Home Listings Surge To Record $698 Billion As Buyers Back Off A swelling supply of unsold homes and a slowdown in buyer activity have sent the housing market to a record high — $698 billion in total listings, the largest dollar value seen in more than a decade. That figure, reported by Redfin, is based on the combined asking prices of all active home listings across the US at the end of April. It marks a 20.3 percent increase from one year ago, and the highest value since Redfin began tracking the data in 2012. Much of that growth is driven by stale inventory. More than $330 billion worth of homes have sat on the market for 60 days or longer, accordin…

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by Joe Lombardi
Somers, NY
Business
As Egg Prices Soar, Another Breakfast Staple Is Seeing Inflation Reversal As Egg Prices Soar, Another Breakfast Staple Is Seeing Inflation Reversal
As Egg Prices Soar, Another Breakfast Staple Is Seeing Inflation Reversal As egg prices continue to soar with no relief in sight, there's finally some good news for consumers. Another breakfast staple is seeing prices snap, crackle, and drop. For the second straight year, cereal prices have decreased. Analysts attribute the reason to lower demand and increased harvests. According to pattern.com, the follow cereals saw the biggest price declines in 2024: Fruity Peebles Corn Pops Quaker Oats Cap'n Crunch Grape Nuts Rice Krispies Trix Other popular brands, such as Cheerios, Rice Krispies, Cinnamon Toast Crunch, Honey Bunches of Oats, Life, a…

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by Joe Lombardi
Darien, CT
Lifestyle
Drop In Sales Leaves Some Wondering If Smartphone Era Is Ending Drop In Sales Leaves Some Wondering If Smartphone Era Is Ending
Drop In Sales Leaves Some Wondering If Smartphone Era Is Ending Smartphones have been a staple for just over a decade - in fact, the first iPhone debuted 12 years ago.  But smartphone sales are dropping, according to a new report in the Wall Street Journal. Apple CEO Tim Cook recently said that the company expects a lower revenue for the quarter than previously stated. As a result, Apple’s stock experienced a “sharp drop.” The report cites two main factors as the cause of the decline in smartphone sales: the saturation of smartphones in wealthier countries and the increasing costs for the latest models. While it’s not exactly clear where the futu…

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by Valerie Musson
Fairfield, CT
Lifestyle
Here's How Gas Prices Will Start New Year After Roller-Coaster Ride In 2018 Here's How Gas Prices Will Start New Year After Roller-Coaster Ride In 2018
Here's How Gas Prices Will Start New Year After Roller-Coaster Ride In 2018 As the new year starts, AAA has announced that Connecticut drivers may be able to expect reduced prices at the gas pumps. After the “roller-coaster ride” of prices in 2018, new statistics show that this year’s average price for a gallon of self-serve regular in Connecticut is exactly the same as it was just one year ago, as of Friday, Dec. 28, at $2.64. On a national level, prices are stabilizing as well. The average national price is $2.29, which is nine cents less than last year. Plus, full 20% of states have average prices below $2.00 per gallon. The AAA attributes these price reduction…

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by Valerie Musson
Saddle Brook-Elmwood Park, NJ
Business
Elmwood Park Kmart Closing This July Elmwood Park Kmart Closing This July
Elmwood Park Kmart Closing This July Elmwood Park's Kmart will be closing on July 28, store officials said. Hundreds of Kmart and Sears stores, owned by Sears Holdings Corporation, have closed across the U.S. in an effort to save cash. Just earlier this week, however, Sears Holdings' stock surged 10 percent after announcing it would be selling many of its assets (including the Kenmore brand).

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by Cecilia Levine
Norwalk, CT
Politics
Wealthy CT Residents Will Be Hit Hard By GOP Tax Bill, Study Says Wealthy CT Residents Will Be Hit Hard By GOP Tax Bill, Study Says
Wealthy CT Residents Will Be Hit Hard By GOP Tax Bill, Study Says A new study finds that Connecticut has had the third most millionaires in the U.S. for the last seven years. That means that the GOP tax bill will have a greater impact on wealthy residents in the blue states, the study says. The 2017 Phoenix Wealth & Affluent Monitor (W&AM) shows that as of mid-2017, the top 1 percent of U.S. households -- those having $5 million or more in investable assets or liquid wealth -- increased by eight percent to more than 1.1 million. The richest Americans are concentrated in states that were carried by Democrats in at least three of the last four pres…

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by Cecilia Levine