December Retail Sales Are Sluggish

I predicted the sharp drop in December retail sales and the resulting corporate panic here almost three weeks ago.

It's good news for consumers as we're already seeing steep discounts, and "Super Saturday" bargains (12/17). It's bad news for retailers who must scramble for business in the last week before Christmas, and who now see that their Black Friday extravaganzas served mostly to shift consumer traffic peaks and cost them precious margin dollars.