This article appeared online at TheNewAmerican.com on Friday, November 29, 2019:
By 10 a.m. Eastern time on Black Friday, consumers had already spent an estimated $150 billion. At that rate they will easily set a new record, with estimates approaching four percent ahead of last year’s record. That would push Black Friday weekend purchases to more than a trillion dollars for the first time in history.
This is reflective of the continuing strength of the underlying economy, despite naysayers’ attempts to denigrate the economy’ performance. For instance, the Atlanta Fed’s GDP Now index was just raised from an anemic (and woefully incorrect) 0.4 percent growth rate for the fourth quarter to 1.7 percent.
And even that doesn’t reflect what’s really happening online and in the malls.
Let’s review the “real world” data: