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| Happy Wednesday, Daily Money readers. It's Bailey Schulz here to bring you today's news. |
| This might be the year to get your holiday shopping done early. |
| Experts say holiday shopping could literally go off the rails this year, thanks to a potential rail strike coupled with trucking and labor shortages, soaring diesel prices and inflation. |
| A potential railroad strike on Dec. 9 is expected to disrupt supply chains and put pressure on U.S. goods inflations. Some analysts estimate it could cost the U.S. economy $2 billion a day. |
| No major shortages are expected, but some food items may be missing for short periods of time. Retailers are urging customers to buy and ship gifts as early as possible. |
The latest on FTX |
| The FTX saga continues. |
| Cryptocurrency lender BlockFi on Monday sued Emergent Fidelity Technologies, a holding company for crypto exchange FTX founder Sam Bankman-Fried, to recover Robinhood shares pledged as collateral shortly before FTX filed for bankruptcy. |
| The lawsuit against Emergent came the same day BlockFi filed for bankruptcy. The lender says its exposure to FTX caused a liquidity crisis and cited the crypto exchange as a "major cause" of its chapter 11 filing in the U.S. Bankruptcy Court for the District of New Jersey. |
| Meanwhile, Axios reports that Bankman-Fried – once one of the richest people in the world – is down to his last $100,000 after the rapid failure of FTX. |
📰 More stories you shouldn't miss 📰 |
| Fannie Mae, Freddie Mac will back mortgages of more than $1 million in 2023 |
| 'He's not stepping up': Union workers feel let down by 'pro-union' Joe Biden amid rail dispute |
| Spotify Wrapped 2022 is here: How to view your favorite songs, artists and podcasts of the year |
🛍️ Shopping stats 🛍️ |
| Over the Thanksgiving weekend, a record 196.7 million American consumers shopped in stores and online – 17 million more people than last year, according to a report by the National Retail Federation and Prosper Insights & Analytics. |
| Here are some highlights from the report: |
| • | Half of the shoppers surveyed bought clothing and accessories, while 31% bought toys and 27% purchased gift cards. | | • | Shoppers spent an average of $325 on holiday-related purchases from Thanksgiving through Cyber Monday. | | • | The top spending categories were apparel and accessories, toys and gift cards. | |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: How decisions by the Federal Reserve, government and companies impact you. |
| You can follow USA TODAY reporter Bailey Schulz on Twitter @bailey_schulz and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday. |
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