This year, black Friday produced $52 billion, which is up 16% from a year ago. Although this was very good, it does not promise a strong holiday shopping season. Spending could go down next year unless congress passes a $44 billion extension of long term unemployment benefits. If they don’t pass it, 6 million unemployed people will stop receiving benefits. Tim Duy, an economics professor at the University of Oregon said, “the reported jump in holiday spending so far this year just isn’t that important, nor is it a key to economic indicator. There was a massive drop in demand that looks more permanent than temporary.”
YouTube. YouTube. 11 Dec. 2012 http://www.youtube.com/watch?v=gAGV_IQctnY.
Year., NEW YORK (CNNMoney) -- The holiday shopping season reportedly got off to a strong start this past weekend. But don't expect to find a thriving U.S. economy under the Christmas tree this. "Impact of strong Black Friday won't solve U.S. economic woes." CNNMoney. 28 Nov. 2011. Cable News Network. 11 Dec. 2012 http://money.cnn.com/2011/11/28/news/economy/black_friday_impact/index.htm.
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