“We were in a correction within a bull market . From a fundamental perspective, a few things have changed. First, this week we saw quite strong inflows coming back from FPIs, which is a positive sign. Second, a key point from the RBI Governor's policy statement on Friday was that they view the economy as having bottomed in Q2, and the leading indicators are now pointing to a potential recovery in the second half of the year,” says independent market expert Ajay Bagga. Edited excerpts ET Now: Do you think the markets have really bottomed out? With the rally we’ve seen in the past week, do you believe the corrective phase is over, and that we’ve bottomed out? Are we now entering a bull run, where what we saw earlier was just a correction in a broader bull market? Ajay Bagga: We were in a correction within a bull market. From a fundamental perspective, a few things have changed. First, this week we saw quite strong inflows coming back from FPIs, which is a positive sign. Second, a key point from the RBI Governor's policy statement on Friday was that they view the economy as having bottomed in Q2, and the leading indicators are now pointing to a potential recovery in the second half of the year. That’s crucial for the stock market to interpret from the RBI policy . If the economy has indeed bottomed, as indicated by the November quick PMIs—56+ in manufacturing and 58+ in services—India is performing relatively well economically. While we hear headlines about slow growth, and some have even called India stagflationary—especially those who haven’t seen the actual stagflation periods—that is not the case. India’s economy is growing, with nominal growth of over 10%, which means it's far from stagnant. If you look beyond the headlines, I think the economy bottoming out is a critical factor, and the market has probably bottomed, and we are now on an upswing within India’s longer-term structural bull market. 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And how does this tie in with the global environment, especially the geopolitical pressures that are affecting the economy? What are your thoughts on how the CRR reduction might affect us going forward? Ajay Bagga: The CRR reduction is very welcome as it injects immediate liquidity into the system over the next 25 days. This will help keep interest rates low, which is beneficial as we head into the busy season for credit markets. It's good that liquidity will be available. Additionally, banks that previously earned zero percent on CRR can now buy government bonds or lend this money out, improving their NIMs (Net Interest Margins). The CRR essentially takes money out of the banking system, so this is a return to normalcy since it used to be 4% before COVID, and now it’s back to that level. However, in terms of broader policy, I believe the RBI missed a step today. Yet, they have been wise in the past, particularly during COVID, when they took targeted steps like Mudra loans and other subsidized liquidity measures. So, they might be seeing something that the market isn't. The only issue is that even when they start cutting rates, it takes 9 to 12 months for those cuts to flow through the economy. So, the question remains: have we already missed the window by holding rates steady for the 11th time in a row? Personally, I think we are well-primed for a rate cut. Counter-cyclical measures are needed, but the government hasn't introduced any fiscal measures yet. Therefore, the monetary policy has had to do most of the heavy lifting. We stopped at just the CRR cut. I think a rate cut would have further helped the economy. But regardless, with government spending picking up and the upcoming budget, we still have a lot of opportunities ahead. I’m expecting a pre-budget rally in the markets, and the next 60 days are going to be quite exciting. ET Now: While you would have expected a rate cut as part of the monetary policy, a potential counter-cyclical measure to help the markets, there’s another factor that might be aiding the market right now: the return of FII flows. FIIs, who were net sellers in October and the first half of November, have now turned net buyers. In fact, data shows they have already bought around 13,765 crores month-to-date. If this trend continues, could this be a big catalyst for a market rally going forward? Ajay Bagga: Yes, absolutely, it will be a big factor. The domestic investors were doing most of the heavy lifting, and now with FIIs coming back, it’s like a double-barrel effect. This will definitely help. One of the main reasons behind the FII outflows could have been the changes in SEBI rules regarding what funds could invest in and the need to identify the ultimate beneficiaries of these funds. This might have led to some hot money being flushed out of the market, and now genuine money is flowing in. But only time will tell. We expected the FIIs to return by mid-January as part of new allocations, but nowadays, with the markets being constantly online, the traditional January effect and Santa Claus rally have been mitigated due to arbitrage opportunities. So, it’s possible that the FIIs are entering now in anticipation of the January effect, and we might be seeing the Christmas rally come early to Indian markets. (You can now subscribe to our ETMarkets WhatsApp channel )
The decision by the Syrian Embassy in Russia to raise opposition flags has also raised concerns about the implications for diplomatic relations between the two countries. Russia has been a key ally of the Syrian government and has provided crucial support to President Assad's regime throughout the conflict. The move by the embassy could be seen as a direct challenge to Russia's support for the Syrian government, potentially straining relations between the two countries.As Double 12 approaches, it's the perfect time to consider upgrading your headphones for an enhanced listening experience. When it comes to selecting the perfect pair of earbuds, sound quality should be at the top of your list of priorities. Among the myriad of options available in the market, the Samsung Galaxy Buds3 Series stands out for its exceptional audio performance, innovative features, and sleek design. In this article, we will delve into why the Galaxy Buds3 Series is the ideal choice for music enthusiasts seeking top-notch sound quality.
Title: US Professor Exposes Who Pays the Price for the "Tariff Big Stick" - America Might Lose the Competition
(The Center Square) – Prosecutors introduced secretly recorded audio and video along with a troubled star witness at the public corruption trial of former Illinois House Speaker Michael Madigan. Former Chicago Alderman Daniel Solis returned to the Everett McKinley U.S. Courthouse Monday. Solis is facing one federal count of bribery under a deferred prosecution agreement. The ex-alderman began cooperating with federal investigators in 2016. Separately Monday, former Chicago Alderman Daniel Solis, former Illinois House Speaker Michael Madigan and Madigan codefendant Michael McClain enter the federal court building in Chicago Monday, Nov. 25, 2024. U.S. government attorney Diane MacArthur first introduced a recording of Madigan and Solis nearly two years before the alderman started cooperating with the government. The recording involved a conversation with Chinese developer, See Wong, who wanted to build a hotel on a parcel of land in Chicago’s Chinatown neighborhood. The land was owned by the state of Illinois at the time, but Solis said a zoning change would be required from the city in order for a hotel to be built. At Madigan’s request, Solis said he facilitated the meeting on Aug. 8, 2014, at Madigan’s law firm, Madigan and Getzendanner, about the land along Wentworth Avenue between Archer Avenue and Cermak Road. Madigan’s law partner, Bud Getzendanner, discussed how successful the firm had been in working with hotels to make sure they were not taxed more than necessary. ”A large component of your expense for hotels is real estate taxes,” Getzendanner said during the recorded meeting. Getzendanner said the firm charged 12.5% of the tax savings obtained. Madigan told Wong and an interpreter about the quality of service his firm provided. “We don’t take a second seat to anybody,” Madigan said. The developer then asked for a picture with Madigan and Solis. Solis told the group that Wong would benefit from working with Madigan. “If he works with the Speaker, he will get anything he needs for that hotel,” Solis said on the recording. Solis testified that he meant the city would provide the zoning change the developer needed from the city if the developer hired Madigan’s law firm. Solis said the zoning change was approved, but the proposed hotel was never built. MacArthur asked Solis about the bribery charge he is still facing, which Solis said involved the redevelopment of a property in Chicago from a restaurant to a residential building in 2015. Solis said two problems prevented the project from moving forward: labor unions’ perceived lack of representation in the development and residents' concerns in the ward. The former alderman admitted that he solicited a campaign contribution from the developer or from one or more of the developer’s vendors while the project’s zoning change was still under consideration. Solis said he believed the developer was on board and that he would be getting donations from the developers’ vendors. The zoning change was approved by the city council, Solis said. He testified he solicited and accepted campaign contributions from other developers who had matters pending before the city council’s zoning committee. Solis then testified about about a variety of things like massages that turned sexual, trips to Las Vegas, tickets to professional sporting events, no-paperwork six-figure loans he'd paid back. He even admitted to an extramarital affair he had with an interpreter. Solis said he was separated from his wife for about five years and their house went into foreclosure. He also confessed that he lied to a collection agency by saying he was out of work. MacArthur asked Solis about his sister, Patti Solis Doyle, who worked on campaigns for former Chicago Mayor Richard M. Daley, former President Bill Clinton and former U.S. Senator Hillary Clinton, D-New York. Solis Doyle also managed Hillary Clinton’s presidential campaign in 2008. Solis said his sister was involved in a hotel project in which the developer offered her $100,000. Solis said his sister offered to split the sum with her brother. As chairman of the city’s zoning committee, Solis said he told his sister he could not accept money regarding a hotel development. Solis said his sister told him there would be another way she could compensate him. The former alderman said he did receive funds from his sister for referring her to his friend Brian Hynes’ state vendor assistance program. Monday afternoon, Solis testified that FBI agents visited his home on June 1, 2016, and played audio and video recordings. After considering an attorney, Solis said he decided to cooperate with the FBI a few days later and agreed to let investigators tap his phone. Solis also said he told an attorney friend that he was cooperating with the FBI in regard to an investigation of an organization he was involved in. Solis said he made recordings for several investigations he was involved in as part of his deferred prosecution agreement. He began communicating with Madigan after receiving a voicemail message on June 12, 2017. Solis said he discussed the Chinatown land deal, his interest in getting a state board appointment, and referring clients to Madigan’s law firm while cooperating with the government from June 2016 to December 2017. Solis admitted that he was not really interested in a state board appointment, but he raised the issue with Madigan at the direction of law enforcement. Solis said he began communicating with Madigan codefendant Michael McClain about the Chinatown parcel in the fall of 2017. He said he had to continue to perform his duties as an alderman while cooperating with the FBI because of “the farce” that he was involved in. Solis discussed a 2017 redevelopment project that required a zoning change involving a Union West development in Chicago’s West Loop. MacArthur played a recording, dated June 12, 2017, of Madigan asking Solis about the development. During the call, Solis told the speaker he would try to arrange an introduction for Madigan with the developers. In a subsequent call, Solis promised to arrange a meeting and said, “I think these guys get it, the quid pro quo and how it works.” When MacArthur asked Solis why he said that, Solis said he didn’t know and said it was “dumb.” MacArthur asked Solis if he used the words “quid pro quo” at the direction of law enforcement. “No,” Solis said. Union West developer Andrew Cretal agreed to meet with Madigan and told Solis, “confidentially,” that his company was working with Goldman Sachs as an equity partner and that he would “circle back” with Solis. MacArthur played a recording of Madigan privately telling Solis not to use the words, “quid quo pro.” The conversation immediately preceded the meeting Cretal and the Union West group had at Madigan's and Getzendanner’s law office. During the meeting, Madigan repeated to Cretal’s group what he had said to See Wong. “We don’t take a second seat to anybody,” Madigan said. Solis said he met with Madigan again privately after the meeting with the intention of discussing the Chinatown parcel. Solis said he had been having frequent meetings about the land with potential developers. During the recording, Solis said that nothing could really happen until the state transferred the land. Connie Mixon, professor of Political Science and director of the Urban Studies Program at Elmhurst University, served as an expert witness at the corruption trial of longtime Chicago Democrat Ed Burke, who served on the city council from 1969 to 2023. A jury convicted Burke in December 2023 on 18 counts of racketeering, bribery, attempted extortion and conspiracy to commit extortion and using interstate commerce to facilitate an unlawful activity. Mixon said that Solis also testified as a cooperating witness during Burke’s trial. “It seemed as if, in the sentencing for the Burke trial, the judge did take a bit of exception to the fact that Solis, who also had potential criminal charges, was essentially getting away without any sort of repercussions,” Mixon told The Center Square. Mixon described Solis as a damaged witness. “He’s absolutely damaged, but as much as he’s damaged, you have the words on the wiretap. Having the defendants’ words played in the courtroom, they are really the witness against themselves when you have those wiretaps,” Mixon explained. Before the jury was seated Monday morning, prosecutors said they would provide the court with revised jury instructions by Dec. 3. Judge John Robert Blakey said he could deny admittance of new materials after that date if he deemed them to be untimely. Madigan and McClain are charged with 23 counts of bribery, racketeering and official misconduct. The trial is scheduled to resume Tuesday morning in Chicago.The game mechanics are simple yet engaging. Players are dealt a hand of soul cards, each representing a different hero or creature with unique abilities and attributes. As the game progresses, players must carefully strategize their moves, utilizing the strengths of their cards to outwit and outmaneuver their opponents. With each card played, the fate of the game hangs in the balance, with victory and defeat mere moments away.
Lawyers for a voting machine company that’s suing Fox News want to question founder Rupert Murdoch about his contentious efforts to change his family trust , the attorneys told a court Monday. Election-tech company Smartmatic's $2.7 billion defamation suit regards Fox's reporting on 2020 voting fraud claims. But Smartmatic’s attorneys suggest the separate succession fight over Murdoch's media empire might shed light on any Fox Corp. involvement in editorial matters. It's an important, if technical, question as Smartmatic seeks to hold the deep-pocketed Fox parent company responsible for statements that the news network aired. Fox contends that there's no such liability and that it was engaging in journalism, not defamation, when it broadcast election-fraud allegations made by then-President Donald Trump 's attorneys. Rupert Murdoch may already have given a deposition — out-of-court questioning under oath — in the defamation suit. Such records aren't public at this stage, but plans for his deposition were briefly mentioned at a 2022 hearing. Smartmatic now is seeking to talk to Murdoch about his efforts to rewrite his plans for his businesses after his death. The matter is playing out behind closed doors and in sealed files in a Nevada probate court. The New York Times has reported that Rupert Murdoch wants to keep his eldest son, Lachlan , in charge of the conglomerate's newspapers and television networks in order to ensure a continued conservative editorial outlook . Smartmatic wants to get the 93-year-old patriarch on record while the probate matter plays out, company attorney Edward Wipper told a judge Monday. Fox News lawyer K. Winn Allen said the probate case “has nothing at all to do with” Smartmatic's claims and is “not appropriate” fodder for the suit. Fox Corp. declined to comment after court. Fox News' lawyers, meanwhile, want Smartmatic to provide records about a U.S. federal criminal case against people, including Smartmatic co-founder Roger Piñate, accused of scheming to bribe a Filipino election official . Piñate has pleaded not guilty. Smartmatic isn't charged in the criminal case, and Smartmatic attorneys have said the matter was irrelevant to the defamation suit. Fox lost prior bids for a court order to get the information, but a hearing on the network's renewed request is set next week. It's unclear how soon Judge David B. Cohen will decide on that request or on Smartmatic's bid to dig into the Murdoch family trust case. Both requests are part of pretrial information-gathering, and no trial date has been set. Smartmatic says it was a small player, working only with California's heavily Democratic Los Angeles County, in the 2020 U.S. presidential election. In subsequent Fox News appearances, Trump lawyers Rudy Giuliani and Sidney Powell portrayed Smartmatic as part of a multi-state scheme to steal the vote from the Republican. Federal and state election officials , exhaustive reviews in battleground states and Trump’s own attorney general found no widespread fraud that could have changed the outcome of the 2020 election. Nor did they uncover any credible evidence that the vote was tainted. Dozens of courts, including by judges whom Trump had appointed, rejected his fraud claims. Fox News ultimately aired an interview with an election technology expert who refuted the allegations against Smartmatic — an interview done after the company demanded a retraction . The network is countersuing Smartmatic , claiming it violated a New York law against baseless suits aimed at squelching reporting or criticism on public issues. The New York defamation suit is one of several stemming from conservative-oriented news outlets' reports on Trump’s 2020 vote-rigging claims. Smartmatic recently settled with One America News Network and Newsmax . Fox News settled for $787 million last year with Dominion Voting Systems, another election-technology company that sued over conspiracy theories blaming its election equipment for Trump’s 2020 loss.Pyxus Releases Fiscal Year 2024 Sustainability ReportAdditionally, the reputation and track record of Momenta in the autonomous driving industry play a significant role in attracting automakers to collaborate with the startup. Momenta has established itself as a frontrunner in autonomous driving software innovation, with a proven track record of successful partnerships and deployments. This track record instills confidence in automakers and reassures them of Momenta's capabilities to deliver reliable and high-performance autonomous driving solutions for their vehicles.Environment Secretary Steve Reed has been asked to review “incompetence” at the Met Office that led to a “clear underestimation” of the impact of Storm Bert. Labour MP for Cardiff West, Alex Barros-Curtis, said warnings should have been “amber or red”, as Mr Reed told MPs that more flooding is “likely”. Hundreds of homes were left under water, roads were turned into rivers and winds of more than 80mph were recorded across parts of the UK. More than 130 flood warnings and 160 alerts remained in place across the UK on Monday. In the Commons on Monday, Mr Barros-Curtis asked: “Can I ask that the Secretary of State speak to his Department for Science, Innovation and Technology (DSIT) colleagues to carefully look into the role of the Met Office here? “It is clear that their response was slow and that there was a clear underestimation of the impact of Storm Bert. “They put it yellow rather than amber or red. Our constituents have been let down by this incompetence before, and it cannot keep happening.” Mr Reed said: “In most parts of the countries that were affected, warnings were given with adequate time for people to prepare and I would encourage people to sign up on the Defra website, or the Environment Agency website for warnings and alerts if they live in an area that could be affected by flooding. “I’m aware of the particular concern that he mentions regarding the Met Office, and I will indeed be speaking to colleagues in DSIT as they review the circumstances of that and look at how the situation can be improved for future events of this kind.” A Met Office spokesperson said: “Storm Bert was well forecast, with first signs of disruptive weather signalled a week ahead and the first warnings issued on Wednesday November 20. “A number of warnings were in place ahead of the system reaching the UK. “We work closely with partners to assess the potential risks of extreme weather and warnings covering Wales highlighted the potential for homes and businesses to flood with fast flowing or deep floodwater possible, causing a danger to life. “Observed rainfall totals were broadly in line with the forecast and the severe weather warnings issued in advance.” During his update to the House, the Environment Secretary said that more flooding this week is “likely” but its impact “should be less severe” than has been seen. He said: “Around 28,000 properties are being protected by Environment Agency flood defences. “Unfortunately, an estimated 107 properties have flooded across England, principally from river and surface water flooding.” He added: “The Environment Agency and local responders have also been busy protecting properties elsewhere in England, including flooding from the River Teme in Tenbury Wells where around 40 properties have flooded. “The river has now peaked and local responders will be focusing on the lower reaches of rivers over the next few days.” He further stated: “Further flooding is sadly likely over the next few days as water levels rise in slower flowing rivers such as the Severn and the Ouse. “The Environment Agency anticipates that any impacts should be less severe than we have seen in recent days.” Mr Reed also described the flood defences they inherited from the previous government as being “in the worst condition on record following years of underinvestment”. He added: “Over 3,000 of our key flood defences are below an acceptable standard. “That is why we are investing £2.4 billion over the next two years to build and maintain flood defences.” Elsewhere in the session, Labour MP for Coventry South, Zarah Sultana, was among the MPs to call for a legal duty on fire services to respond to flooding. She said: “I want to express my solidarity and thanks to all of our emergency services, including firefighters on the front line. “Extreme weather events are on the rise and becoming ever more frequent due to climate change, highlighting the urgent need for proper funding and resources. “England is the only part of the UK without a statutory duty for flooding, leaving fire services underfunded and under-resourced to respond effectively. This must change, as the FBU (Fire Brigades Union) has long called for.” “When will the Government finally provide a statutory duty for Fire and Rescue authorities to respond to flooding incidents in England?” Mr Reed replied: “The fire and rescue authorities have the powers to intervene, but she’s quite right to point out there’s not a duty, and officials in my department, working with the Home Office, will review that to see that that remains appropriate.” Conservative MP for Mid Buckinghamshire Greg Smith said some communities in his constituency are flooding “for the first time in decades” as he accused the Government of wanting to “concrete over the countryside”. He said: “That is a result of some of the big infrastructure we are seeing being built, particularly HS2 where they will concrete over a field completely, it seems, unaware that that will have a knock-on effect to farmland next door. “So will the Secretary of State commit to working with the Transport Secretary (Louise Haigh) and I also suggest the Deputy Prime Minister (Angela Rayner) given their plans to concrete over the countryside to ensure that where construction takes place proper, and I really mean proper, flood mitigation measures are put into place.” Mr Reed replied: “This needs to operate across Government, and we will have those conversations and ensure that measures are put in place to support communities as much as is possible from the more severe weather events that we’re seeing as a result of climate change.”
The launch of 'Answers' marks a strategic move by Reddit to capitalize on the growing demand for intelligent search solutions in the digital age. By investing in AI technology to enhance its search capabilities, Reddit is not only expanding its competitive advantage but also demonstrating its commitment to innovation and user satisfaction.AP Trending SummaryBrief at 6:06 p.m. ESTIn response to the threat posed by DroidBot and similar malware strains, cybersecurity firms and banking institutions are actively collaborating to develop solutions and strategies to combat mobile banking fraud. This cooperative effort aims to enhance the overall security landscape and safeguard customers from financial fraud and identity theft.
National Bureau of Statistics: November CPI Rose by 0.2% YoY, Housing Prices Decline by 0.1%
Dollar buffered by Trump policy expectations; bitcoin surgesLos Angeles Clippers guard Patrick Beverley is set to miss approximately six weeks after sustaining a minor tear in his quadriceps muscle during a recent game. The injury occurred when Beverley was driving to the basket and felt a sharp pain in his leg, forcing him to leave the court and seek medical attention.
Japan weighs extra taxes for defense spending as early as April 2026
VERMILLION, S.D. (AP) — Aidan Bouman threw a 25-yard touchdown pass to Javion Phelps with 12 seconds left and South Dakota defeated FCS top-ranked North Dakota State 29-28 on Saturday to claim a share of its first Missouri Valley Football Conference championship. The Coyotes (9-2, 7-1) trailed 28-17 when Bouman threw deep to Jack Martens for a 40-yard touchdown with 3:22 remaining. They got the ball back with 1:16 left and six plays later Bouman was sacked. The Coyotes quickly lined up and Bouman found Phelps alone 2 yards shy of the end zone along the left sideline and he easily scored. South Dakota won its first game against the Bison in Vermillion since a four-overtime thriller in 2002. The Bison had won the last five meetings in the DakotaDome. The Coyotes took a 14-0 lead on two Travis Theis rushing touchdowns but the Bison (10-2, 7-1) tied the game with two scores in the final 2:26 of the first half, a 23-yard pass from Cam Miller to Braylon Henderson and a 3-yard TD run by Miller. Miller scored from 2 yards out late in the third quarter and CharMar Brown completed a 20-play, 99-yard drive that took nearly 11 minutes with a 1-yard score for a 28-17 Bison lead with just over four minutes to go. Bouman was 18-of-30 for 271 yards and two touchdowns. Miller was 9-of-21 passing with one touchdown and he rushed for 82 yards and another score. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football . Sign up for the AP’s college football newsletter: https://apnews.com/cfbtop25 Get any of our free daily email newsletters — news headlines, opinion, e-edition, obituaries and more.
A voting machine firm suing Fox News now wants to probe Murdoch family trust fightCyber Monday shoppers expected to set a record on biggest day for online shopping
Consumers in the United States scoured the internet for online deals as they looked to take advantage of the post-Thanksgiving shopping marathon with Cyber Monday. Even though e-commerce is now part and parcel of many people's regular routines and the holiday shopping season, Cyber Monday — a term coined in 2005 by the National Retail Federation — has become the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it. Adobe Analytics, which tracks online shopping, expected consumers to spend $13.2 billion Monday — a record, and 6.1% more than last year. That would make it the biggest shopping day for e-commerce for the season — and the year. Online spending was expected to peak between the hours of 8 p.m. and 10 p.m. on Monday night, per Adobe — reaching an estimated $15.7 million spent every minute. For several major retailers, a Cyber Monday sale is a dayslong event that began over the Thanksgiving weekend. An Amazon Prime delivery person lifts packages while making a stop Nov. 28, 2023, in Denver. Amazon kicked off its sales event right after midnight Pacific time on Saturday. Target's two days of discount offers on its website and app began overnight Sunday. Walmart rolled out its Cyber Monday offers for Walmart+ members Sunday afternoon and opened it up to all customers three hours later, at 8 p.m. Eastern time. Consumer spending for Cyber Week — the five major shopping days between Thanksgiving and Cyber Monday — provides a strong indication of how much shoppers are willing to spend for the holidays. Many U.S. consumers continue to experience sticker shock after the period of post-pandemic inflation, which left prices for many goods and services higher than they were three years ago. But retail sales nonetheless remain strong, and the economy kept growing at a healthy pace. At the same time, credit card debt and delinquencies are rising. More shoppers than ever are also on track to use "buy now, pay later" plans this holiday season, which allows them to delay payments on holiday decor, gifts and other items. Many economists also warned that President-elect Donald Trump's plan to impose tariffs next year on foreign goods coming into the United States would lead to higher prices on everything from food to clothing to automobiles. A FedEx delivery person carries a package from a truck Nov. 17, 2022, in Denver. The National Retail Federation expects holiday shoppers to spend more this year both in stores and online than last year. But the pace of spending growth will slow slightly, the trade group said, growing 2.5% to 3.5% — compared to 3.9% in 2023. A clear sense of consumer spending patterns during the holiday season won't emerge until the government releases sales data for the period, but some preliminary data from other sources shows some encouraging signs for retailers. Vivek Pandya, lead analyst at Adobe Digital Insights, noted that discounts from Thanksgiving onward "exceeded expectations" and online spending throughout Cyber Week is on track to cross a record $40 billion mark combined. U.S. shoppers spent $10.8 billion online on Black Friday, a 10.2% increase over last year, according to Adobe Analytics. That's also more than double what consumers spent in 2017, when Black Friday pulled in about $5 billion in online sales. Consumers also spent a record $6.1 billion online on Thanksgiving Day, Adobe said. Meanwhile, software company Salesforce, which also tracks online shopping, estimated that Black Friday online sales totaled $17.5 billion in the U.S. and $74.4 billion globally. Mastercard SpendingPulse, which tracks in-person and online spending, reported that overall Black Friday sales excluding automotive rose 3.4% from a year ago. A United Parcel Service driver sorts deliveries July 15, 2023, on New York's Upper West Side. E-commerce platform Shopify said its merchants raked in a record $5 billion in sales worldwide on Black Friday. At its peak, sales reached $4.6 million per minute — with top categories by volume including clothing, cosmetics and fitness products, according to the Canadian company. Toys, electronics, home goods, self-care and beauty categories were among the key drivers of holiday spending on Thanksgiving and Black Friday, according to Adobe. "Hot products" included Lego sets, espresso machines, fitness trackers, makeup and skin care. Other data showed physical stores saw fewer customers on Black Friday, underscoring how the huge crowds that were once synonymous with the day after Thanksgiving are now more than happy to shop from the comfort of their homes. RetailNext, which measures real-time foot traffic in stores, said its early data showed store traffic on Friday was down 3.2% in the U.S. compared to last year, with the biggest dip happening in the Midwest. Sensormatic Solutions, which also tracks store traffic, said its preliminary analysis showed retail store traffic on Black Friday was down 8.2% compared to 2023. Grant Gustafson, head of retail consulting and analytics at Sensormatic Solutions, noted that in-store traffic was getting spread across multiple days since many retailers offered generous discounts before and after Black Friday. "Some of the extended Black Friday promotions really ended up leading to a little bit of a softer day-of traffic than expected," Gustafson said. In 2024, staying small on purpose seems to be paying off big for small businesses. They're keeping operations small and targeting niche, highly specialized customers. And some business owners find this strategy results in more time, energy, and money to intentionally capitalize on unique, small cap opportunities. The data tells the story of growth in small businesses for the year. According to NEXT , the Small Business Administration (SBA) reports awarding 38,000 SBA 7(a) loans under $150,000: double the amount they awarded in 2020. Here are the related small-business trends paying off in 2024. Commercial real estate agent Ryan Beckenhauer of Market Real Estate in Boulder, Colorado, has noticed that small businesses are growing smaller, and that their office and warehouse spaces are starting to reflect that as they shop for business space. In commercial real estate, many small business owners gravitate toward industrial condos and other flexible spaces. These are small-scale industrial spaces with a 90:10 or 80:20 split of warehouse to office. "More individuals are leveraging skills acquired at larger organizations to venture out on their own," explains Beckenhauer. And he goes on to say that they don't need a large commercial space as they make that leap to start a business. His clients include engineers, consultants, builders and other tradespeople. Beckenhauer's clients like the flexibility of being out of an office and being close to their inventory and workshop space. "The clients want to see and touch the finishes," he says. Small business owners both rent or buy these spaces. But he's seeing his clients opt to own industrial condos to stabilize costs due to rent increases in Boulder. And because these spaces are smaller, it can be easier for new buyers to qualify for financing. Mariana Alvarez, owner of Controller Works , an online bookkeeping and advisory firm, has noticed that small business owners outsource financial support services because they don't want to increase headcount. "Outsourcing gives them the possibility of having access to the knowledge and the skills of a CFO without having to pay for the salary," she says. "They don't have to manage or deal with the workload, employment taxes , and all that comes with it," says Alvarez. Additionally, many small business owners in fields like construction are family-owned, and this makes it easier for business owners to hand off delicate financial work to a trusted person with financial experience. Every small business has recurring tasks that can benefit from some level of artificial intelligence automation . And Alvarez sees a lot of value in using AI for small business bookkeeping. She explains that you can automate the data entry on Quickbooks. "When you create rules, as long as you create the rules correctly, it pretty much does itself," says Alvarez. From there, you can lean on financial experts to help you analyze the data and make more informed decisions. She uses AI as a background resource when guiding her accounting clients. "I believe that we still need the human-to-human interaction that comes with more perspective for financial analysis," she explains. According to the SBA , 77% of consumers feel that human interaction is still required for a positive customer experience. People turn to small businesses every day for a human experience. According to Arvind Rongala, CEO of Edstellar , small business workers can show up for their customers but still use AI for routine tasks like customer queries. "This balance allows companies to scale their operations without losing the personal touch that makes them unique. It's important to remember that AI isn't there to replace the human element—it's there to enhance it," he says. "By really focusing on one very small weakness that Amazon has, I've been able to carve out a successful business by offering something different," says Lou Harvey owner of Tank Retailer , a retailer of commercial water and fuel tanks. "When you read our customer reviews, many of them actually mention me by name because of how much we focus on customer service and go the extra mile." One of Harvey's most successful business strategies this year has been to lean into his small, niche market and offer the kind of customer experience that large retailers like Amazon don't. "Any small weaknesses that Amazon has (however small those weaknesses may be) needs to become a strength of a smaller business focusing on a niche market," says Harvey. Harvey has his company's customer service phone number front and center on the website to help earn customer trust. "I prominently feature our phone number, and a real person always answers the phone (usually it's me)," says Harvey. Lucie Voves, CEO and founder of Church Hill Classics , an online, woman-owned diploma framing company that uses sustainable materials, has noticed an uptick in customers seeking services from a business on a mission. "This year, we've seen a growing inclination for consumers to actively seek out and support small businesses owned by women and minorities," says Voves. When consumers shop small, they choose to make their dollars count. "Customers are fueled by a desire to promote social impact through purchasing power," says Voves. Long gone are the days of online retailers "building it and they will come." In 2024 we've seen more small businesses than ever turn to social commerce to sell directly on social media platforms like Instagram Shopping , Facebook Marketplace , and TikTok . Small business owners are turning toward influencers, social media ads, and organic content to target their customers. Mike Vannelli of Envy Creative creates online ads for businesses, and he has seen his clients succeed on TikTok of late. "I've seen businesses, especially in retail, use TikTok's short-form video format to make their products go viral. Think of it as word-of-mouth marketing on steroids," says Vannelli. He uses the platform's algorithm to push a company's content to the right audiences, and it works because TikTok loves storytelling. "I know small brands that use behind-the-scenes videos, customer testimonials, and even playful challenges that tap into trends to humanize their products and build trust," explains Vannelli. To stand out on TikTok, he says, smaller brands need to embrace authenticity and emotional connection. Show your team, share your journey, and involve your community in content creation. This story was produced by NEXT and reviewed and distributed by Stacker. The business news you need Get the latest local business news delivered FREE to your inbox weekly.For Tennessee football, the postseason starts Saturday at Vanderbilt
