Tag: Consumer Spending

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Big Lots Announces Closure of Up to 315 Stores Amid Financial Struggles

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the staff of the Ridgewood blog

Paramus NJ, Big Lots, the big-box discount retailer, has announced plans to close up to 315 additional stores, marking a significant expansion of its previously reported store closures. Just last month, the company revealed plans to shutter 35-40 stores by the end of the year. However, a recent filing with the Securities and Exchange Commission (SEC) indicates that the number has drastically increased.

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Mall Executive Predicts Rebound in Consumer Spending

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the staff of the Ridgewood blog

Hackensack NJ, in a recent second-quarter earnings call, David Simon, Chairman, CEO, and President of Simon Property Group—the nation’s largest mall owner—shared an optimistic outlook for consumer spending. Simon Property Group owns several notable malls in New Jersey, including The Shops at Riverside in Hackensack, Rockaway Townsquare in Morris County, and Menlo Park Mall in Edison.

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US Gross Domestic Product Grows at a Robust 4.9% Rate in the Third Quarter

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the staff of the Ridgewood blog

Ridgewood NJ, the U.S. economy exceeded expectations by exhibiting robust growth in the third quarter, driven by a resilient consumer sector despite higher interest rates, ongoing inflationary pressures, and various domestic and global challenges. According to the Commerce Department’s report, the Gross Domestic Product (GDP), which measures all goods and services produced in the U.S., expanded at an annualized rate of 4.9% from July through September, a significant acceleration from the unrevised 2.1% pace in the second quarter.

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Real gross domestic product increased at an annual rate of 2.6 percent in the third quarter of 2022

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the staff of the Ridgewood blog

Washington DC, Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent.

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Consumer Spending Update: Economic Confidence Remains Low in November

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the staff of the Ridgewood blog

Ridgewood NJ, Economic confidence rose to 96.9 in this month’s Rasmussen Reports Economic Index, less than one point higher than October, which was the lowest index level since May 2020.

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