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More signs of economic recovery
Posted: Nov 29, 2010
NEW YORK (Reuters)
U.S. shoppers spent 6.4 percent more this Black Friday weekend than last year and hit department stores and clothing shops, rather than focusing on discounters as they had done in recent years.
Retail stocks have rallied in recent months as national chains have reported month after month of improving same-store sales as the economy has stabilized and they have paid down credit card debt.
On Friday, the S&P Retail Index was hovering near a 52-week high, after rising 30 percent since its yearly low on July 1.
Several executives including the chief executives of Penney and Macy's, as well as industry analysts, noted that shoppers are spending more on themselves as their finances improve. JP Morgan's Grom said shoppers "were also treating themselves to a bit more than in the past."
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Certainly good news, but I would like to see the return of jobs... - sam
[ In Reply To ..]and the cost cutting to start as well. People tend to spend money "they don't have" during the holidays, we all know this, but the statistics don't know it. Don't now how much of this spending was increasing someone's credit card debt.
I wish I could be more encouraged about it. I would be if the Congress could actually work together on this. You see the articles about how Obama can't really work with the Republicans because his far left base will say he is "caving." We have seen that in articles and posts on this board, accusing Democrats of "caving."
Sigh. It is just good common sense. You don't raise taxes in this kind of economy, and you don't keep spending. You cut costs and stop adding to the deficit. The hard line Democrats absolutely will not budge on stopping adding to the deficit, they don't want to talk about cutting costs, all they want is more taxes, making the American people try to pay up a deficit we did not create. One of the proposals is to do another few billion on another stimulus.
That really ticks me off. LOL. Venting, venting. (I would be saying the same thing about the Republicans if THEY were proposing that...)
Yep, celebrating the Nov. election results... spending - because there is finally "hope".nm
[ In Reply To ..]nm
I am sure that had a lot to do with it as well. nm - sam
[ In Reply To ..]nm
The "majority" of the American people do not know the House switched - sm
[ In Reply To ..]So it would not have to do with the election.
Yes, the Republicans elected 3 weeks ago - and the economy is already improving
[ In Reply To ..]All they have to do is breathe and everything is all better. I am so impressed.
Sorry, but this has been an increase over - the last several months
[ In Reply To ..]All before the election.
Black Friday just the latest good news. Retail stocks have rallied in recent months as national chains have reported month after month of improving same-store sales. The retail sales index has been rising over the past several months.
Probably those nasty old rich people buyin' stuff...lol/joke. nm - sam
[ In Reply To ..]nm
I notice you speak Palin - sm
[ In Reply To ..]Is this the book you were talking about earlier?
LOL! Looks like a great Christmas gift - nm
[ In Reply To ..]
A laugh always better for you at someone else's expense? - sam
[ In Reply To ..]Just askin'.
So, at whose expense was your "joke?" - Don't you notice
[ In Reply To ..]some hypocrisy going on here? Open your eyes.
Wow, condescending and elitist much? - sam
[ In Reply To ..]make you feel all smug and superior does it?
Actually, it wouldn't hurt for you to look up humility in your Funk and Wagnalls.
You could use some. Just sayin'.
Do you not have a "g" key, Sam? - Just asking
[ In Reply To ..]xo
Do you not have anything better to do than worry about my keys? - sam
[ In Reply To ..]Just asking.
What is really going on is not being reported - in the news
[ In Reply To ..]We are headed for hyperinflation and the dollar is going to tank. We can't keep QEing our way out of stuff. There has been NO indication that anyone who committed securities fraud, tax fraud, mortgage fraud will be prosecuted. It doesn't matter that a few R's were elected. It is no longer a matter of Rep vs Dem, but it IS a matter of corporations vs us - me and you. What is happening in this industry is exactly what is happening in others - workers are being painted as the villains, making too much $$, so the cuts in hours/technology/decent paying wages affect us and not the few people at the top. And many buy into this believing it is the nature of the business, that we have to get used to it or find jobs elsewhere. The American worker is getting screwed everywhere.
news - sm
[ In Reply To ..]It has been heading that way for a long time. Some people don't want to admit it. They want to feel sorry for the rich and make villains out of the rest of the people. It is funny how someone puts that $250,000 number in all the time and say they are different than the very rich, but compare everybody else in the group below that in one group as lazy people. Then they say there are a "few" greedy companies out there that are making it bad for the rest. I think their eyes need to be open. Of course, our thinking is just nasty socialist thinking and we are falling for it.
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