While I was overseas, I was a bit shocked to notice that unemployment in the US increased to 9.8%, especially during the holiday season when seasonal jobs add employment.
Overall, the amount of job creation was weak for Nov.
It appears that the US economy continues to undergo repair. This almost certainly will negatively affect holiday sales.
The significant increase in retail sales of over 6% on the day after Thanksgiving was perhaps driven by sales. I do not think "black Friday" sales are a reliable overall indicator of total holiday sales.
My heart goes out to all of the people who are unemployed or under employed.
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