Hope You Have Saved Up for Next Year’s Rainy Days

“Consumers will have to dig deeper into their pockets next year to pay for costlier health care, more expensive grocery bills and higher taxes, an extra drag on the country’s already slow-moving economy.

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The additional outlays look set to test the resilience of consumers, whose spending accounts for around two-thirds of the U.S. economy.

“We think it’s going to be a difficult six to nine months,” said Scott Hoyt, senior director of consumer economics for Moody’s Analytics. “If anything, conditions are likely to get worse, particularly at the start of the year.”

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