For the best experianceDownload the Mobile App
App Store Play Store
News Image
Main News Image
Cyber Monday Blues: Most Americans Suffering from Biden's 40 Year High Inflation

Published on: 11/29/2022

Description

WASHINGTON – While companies struggle to attract buyers this Cyber Monday, most consumers are not making as many purchases because of two years of record high inflation created by Joe Biden's administration and his policies. 

The Associated Press is reporting Monday morning that due to elevated prices for food, rent, gasoline and other essentials, many people were being more selective, reluctant to spend unless there was a big sale. Some were dipping more into savings, turning to “buy now, pay later” services that allow payment in installments, or running up their credit cards at a time when the Federal Reserve is hiking rates to cool the U.S. economy.

The report goes on to detail the National Retail Federation expects holiday sales growth will slow to a range of 6% to 8%, from the blistering 13.5% growth of a year ago. However, these figures, which include online spending, aren’t adjusted for inflation, so real spending could even be down from a year ago.

Analysts consider the five-day Black Friday weekend, which includes Cyber Monday, a key barometer of shoppers’ willingness to spend. The two-month period between Thanksgiving and Christmas represents about 20% of the retail industry’s annual sales.

Author : YANTIS GREEN

Source Url :https://sanangelolive.com/news/business/2022-11-28/cyber-monday-blues-most-americans-suffering-bidens-40-year-high-inflation

Other Related News

News Image

02/08/2023

SAN ANGELO, TX. — Tuesday night, the final night for most girl’s basketball te...

News Image

02/08/2023

The NBA’s career scoring record now belongs to a kid from Akron. Lakers star LeBron...

News Image

02/08/2023

A cool start to the morning as well as some off and on showers as well as some misty condi...

News Image

02/08/2023

GLENDALE, AZ — The NFL 2022 Season is almost at an end, and the Championship match...

News Image

02/08/2023

BEDFORD— It’s not too late to ring in the New Year – or restart the...

ShoutoutGive Shoutout
500/500