Neither Rain Nor Snow Nor Being Broke Could Keep the American Consumer Away
Does anyone actually believe this? Either America is stupider than I suspect (a likely scenario) or they're lying through their teeth, and it is likely a combination of the two. Did you really just do what I think you did, America? I'm ashamed.
Full disclosure: JDA blew a couple hundred in a few hours and got all her Christmas shopping done in a day. Even fuller disclosure: JDA has a steady income and rents a home that is not in foreclosure.
U.S. retail sales rose in the week before Christmas as shoppers hurried to finish their gift-buying, putting holiday sales on track to hit the high end of estimates, according to data released on Tuesday by the International Council of Shopping Centers and Goldman Sachs.
Retail sales rose 4.8 percent for the week ended December 25 compared to the year-earlier period, helped in part by shoppers who could shop all day on Christmas Eve, which was a day off for many given that Christmas fell on a Saturday this year.
The ICSC and Goldman Sachs said retail sales in November and December were on track to rise 4 percent compared to a year ago. Two weeks ago, on the basis of strong November sales, they raised their forecast to a rise of between 3.5 percent and 4 percent for the holiday season.
That forecast includes the effect of the snowstorm that slammed U.S. Northeastern states this week and kept shoppers away from storms.
The ICSC's chief economist told Reuters the blizzard could lower December sales' increase by half of one percentage point but said it may simply delay some purchases into January.
The East Coast got hammered and the news actually had the nerve to say this put a huge dent in retail's year end rally, as if a single snow storm can really kill that kind of wild frenzy. Who the fuck doesn't shop online?
Keep trying, TPTB, keep trying.
And America, if you really did this I swear to God I'm not talking to you for a year.
Wait a second, what's this about consumer confidence taking a sudden and unexpected plunge in December? Surely that's a misprint.