The instability of the current economic climate is already taking its toll on the holiday season. Last month, 40% of American consumers reported they expected to cut their holiday spending this year. Even major retailers like Target are reporting significant losses, due in part to high inflation. Even so, consumers were still spending last month, at least. That may or may not be a good thing, as reports this week indicate that household debt is rising at the fastest pace since 2008. Time will tell what Santa has in store for the markets this year, but one thing is clear: keeping an eye on our personal finances will lead to a more joyful (and less stressful) season.
We'll be taking Thanksgiving off next week. From our family to yours, we hope you have a relaxing, enjoyable holiday. We are grateful for all of you - now and always.
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