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Consumer Spending Trends, Cash Flow Challenges, and the Retail Worker Safety Act
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In this week's episode, Gene Marks discusses concerns from a recent Wall Street Journal report about rising credit card delinquencies and higher interest rates, noting that banks, including Citibank, are worried about consumer's abilities to manage their debts. This could lead to decreased consumer spending, which impacts businesses across various sectors. Additionally, a new PYMNTS' report highlights cash flow issues for small businesses, showing that 70% have less than four months of cash reserves, with many owners foregoing their own paychecks due to financial strains. Gene also covers New York State's recently passed Retail Worker Safety Act where businesses with 10 or more employees must train workers in de-escalation techniques and those with 500 employees nationwide must also install panic buttons in retail stores for enhanced worker safety.
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