The results are not surprising. Various studies have found that Americans plan to spend less during this holiday season. Readers who keep abreast of the business news would have thought such. Surveys have revealed that consumer confidence is declining. This is important since consumer expenditures make up about 70 percent of GDP. Perhaps the oldest and most widely followed indicator of consumer confidence is reported by the University of Michigan’s Survey Research Center. According to the report, consumer sentiment fell by 5.2 percent from October to November. A recent poll by the economist/ yougov.com confirms the finding of the University...

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