The consumer sentiment index, which started the year at 71.7, ended it at 52.9.

There were a record 68 transactions valued at $10 billion or more announced globally in 2025. That drove the average annual deal size to a new high of nearly $227 million.

The latest Household Debt and Credit Report showed a $197 billion increase in total household debt during Q3, reaching a record $18.59 trillion. Mortgage debt, which represents the bulk of household debt, grew by $137 billion to $13.07 trillion. Non-housing debt also increased with credit card balances rising by $24 billion from the previous quarter to $1.23 trillion and student loan balances increasing by $15 billion to $1.65 trillion.

Gross domestic product rose at a seasonally and inflation-adjusted 4.3% annual rate for the July through September quarter. It was the highest growth rate in two years, and reflected robust spending by consumers on services like health care as well as spending on vehicles. Growth picked up from 3.8% in the previous quarter, and beat the 3.2% forecast.

The number of people working part time who wanted to work more leapt to 5.5 million in November, and is now up 23% from a year earlier. Those unemployed for more than half a year rose to 1.9 million from 1.8 million in September and 1.65 million a year earlier.

The unemployment rate for college-educated workers who are 25 or older increased to 2.9% from 2.5% a year earlier and college-educated workers’ perceived probability of job loss in the next year rose to 15% from 11% three years ago.

The SEC suspended trading in 12 emerging growth companies’ stocks since late September, exceeding suspensions from the previous four years combined. All 12 suspended companies are Asia-based emerging growth companies that went public on Nasdaq with the critical link: All 12 are emerging growth companies under the JOBS Act. Though the acronym stands for “Jumpstart Our Business Startups,” these aren’t American companies. It is highly doubtful any of them could have gone public on U.S. exchanges without the JOBS Act and the regulatory relief afforded by their EGC status.

Big-ticket mergers and acquisitions, valued at $10 billion or more, has reached a record $1.2 trillion this year, largely financed by debt.

JPMorgan Chase, the biggest U.S. bank, announced a $1.5 trillion initiative focused on national security, meant to bolster American self-sufficiency for critical technologies including rare earths and artificial intelligence.

Consumer sentiment in December was 53.3, a decrease from over 70 in January and near historic lows. Despite low sentiment, consumer spending continues, with retailers reporting signs of a solid holiday shopping season.