Business
U.S. Spending Contraction, AI Boom, Tariff Shock
1. Consumer‑Spending Dynamics U.S. retail‑sales growth for September 2025 contracted 1.1 % YoY (inflation‑adjusted) and the average basket size fell 2 % YoY among small‑business merchants (Fiserv Small‑Business Index). Early‑season shopping is now front‑loaded: 65 % of adults plan to start holiday purchases before