Americans say they feel worse about the economy than they have since the depths of the Great Recession. And it's a bad time for a bad mood because households are starting to make their holiday budgets. It might not be all doom and gloom, though. Sometimes what people say about the economy and how they behave are two different things.
Recession-scarred shoppers are tired of cutting back, and they're ready to give in to their pent up spending impulses, experts say. So after a few years of austerity, this holiday season, many people are going to be splurging a bit more on presents for themselves.
The holiday shopping season is looking pretty bleak for retailers. Best Buy recently announced that it plans to hire fewer holiday workers than it did last year, and now new data from the consumer research group NPD suggests that Best Buy won't be the only chain stuck in a holiday sales rut.
It's hard not to sound like the Grinch these days: As we head into the holiday season, unemployment remains painfully high, and August 2011 saw a 47% increase in layoffs compared to last year, with no growth in hiring. Poverty stats are equally dismal, with the cost of living rising. Here's how retailers are responding.
So far this holiday season, U.S. online retail spending is up 12% from a year ago. More people took to the Internet last weekend to finish up their last-minute shopping, according to a ComScore report.
The biggest shopping season is off to an even better-than-expected start. New government figures show November sales rose 0.8% from October and 7.7% from November 2009, supporting retailers' recent view that the recession is finally losing its hold on shoppers.
Retailers and shipping companies are adding fewer new jobs than they did a year ago. One reason: employers began shopping for seasonal workers earlier than usual, boosting hiring in October. But if holiday retail sales hold up, it could equal more hiring in December.
Overspending can kill the Christmas spirit and ruin your finances for months. Writer Zoe FitzGerald Carter used the poor economy to cure herself of the destructive habit. Here's how she learned to create more Christmas magic for her family by spending less.
Rising retail sales are adding to the list of positive economic developments as 2010 winds down. But how important are holiday sales in the larger scheme of things? Investors may be giving too much credit to what turns out to be a tiny sliver of U.S. GDP.
It looks like online retailers had a good Cyber Monday: Early estimates indicate sales could have surpassed last year's numbers by 12.7% or more. But unlike Black Friday, Cyber Monday rarely has been the most important shopping day of the year for e-tailers.
In a sign that holiday sales season will be better than initially expected, business inventories rose 0.9% in September as companies re-stocked their shelves for the nation's busiest shopping period. The increase also suggests that third-quarter U.S. GDP growth figures may be revised upward.
U.S. consumer spending grew about 7% in October from September, but remained down 5% from the same month last year, according to a Gallup poll released Thursday. The figures could indicate more financial comfort heading into the all-important holiday shopping season.
ComScore reports online retail spending rose 9% year-over-year in the third quarter. Such positive growth -- the fourth straight quarter of increasing cyberspending -- going into the fourth quarter could bode well for the upcoming holiday shopping season.
