Consumer spending will decline unless Congress averts fiscal cliff
<p><span word="It">It</span> <span word="was">was</span> <span word="a">a</span> <span word="blockbuster">blockbuster</span> <span word="weekend">weekend</span> <span word="for">for</span> <span word="retailers">retailers</span>, <span word="as">as</span> <span word="Americans">Americans</span> <span word="took">took</span> <span word="advantage">advantage</span> <span word="of">of</span> <span word="big">big</span> <span word="discounts">discounts</span> <span word="to">to</span> <span word="ring">ring</span> <span word="in">in</span> <span word="the">the</span> <span word="holiday">holiday</span> <span word="shopping">shopping</span> <span word="season">season</span>. <span word="But">But</span> <span word="you">you</span> <span word="wouldn">wouldn</span>'<span word="t">t</span> <span word="know">know</span> <span word="it">it</span> <span word="from">from</span> <span word="the">the</span> <span word="reaction">reaction</span> <span word="on">on</span> <span word="Wall">Wall</span> <span word="Street">Street</span>. <span word="Financial">Financial</span> <span word="markets">markets</span> <span word="were">were</span> <span word="sharply">sharply</span> <span word="lower">lower</span> <span word="Monday">Monday</span> <span word="after">after</span> <span word="White">White</span> <span word="House">House</span> <span word="economists">economists</span> <span word="warned">warned</span> <span word="that">that</span> <span word="consumers">consumers</span> <span word="could">could</span> <span word="put">put</span> <span word="the">the</span> <span word="brakes">brakes</span> <span word="on">on</span> <span word="spending">spending</span> <span word="if">if</span> <span word="Congress">Congress</span> <span word="allows">allows</span> <span word="the">the</span> <span word="country">country</span> <span word="to">to</span> <span word="fall">fall</span> <span word="off">off</span> <span word="a">a</span> <span word="so">so</span>-<span word="called">called</span> "<span word="fiscal">fiscal</span> <span word="cliff">cliff</span>."</p><p><span word="A">A</span> <span word="new">new</span> <span word="poll">poll</span> <span word="shows">shows</span> <span word="a">a</span> <span word="whopping">whopping</span> 247 <span word="million">million</span> <span word="shoppers">shoppers</span> <span word="visited">visited</span> <span word="stores">stores</span> <span word="and">and</span> <span word="websites">websites</span> <span word="over">over</span> <span word="the">the</span> <span word="Thanksgiving">Thanksgiving</span> <span word="weekend">weekend</span>.</p><p><span word="Black">Black</span> <span word="Friday">Friday</span> - <span word="the">the</span> <span word="unofficial">unofficial</span> <span word="start">start</span> <span word="to">to</span> <span word="the">the</span> <span word="holiday">holiday</span> <span word="shopping">shopping</span> <span word="season">season</span> - <span word="easily">easily</span> <span word="exceeded">exceeded</span> <span word="expectations">expectations</span>, <span word="living">living</span> <span word="up">up</span> <span word="to">to</span> <span word="its">its</span> <span word="name">name</span> <span word="as">as</span> <span word="the">the</span> <span word="day">day</span> <span word="retailers">retailers</span> <span word="finally">finally</span> <span word="get">get</span> <span word="out">out</span> <span word="of">of</span> <span word="the">the</span> <span word="red">red</span> <span word="and">and</span> <span word="start">start</span> <span word="making">making</span> <span word="a">a</span> <span word="profit">profit</span>.</p><p><span word="The">The</span> <span word="National">National</span> <span word="Retail">Retail</span> <span word="Federation">Federation</span> <span word="says">says</span> <span word="holiday">holiday</span> <span word="shoppers">shoppers</span> <span word="spent">spent</span> <span word="about">about</span> $423 <span word="per">per</span> <span word="person">person</span>, <span word="pushing">pushing</span> <span word="the">the</span> <span word="haul">haul</span> <span word="for">for</span> <span word="the">the</span> 4-<span word="day">day</span> <span word="shopping">shopping</span> <span word="weekend">weekend</span> <span word="to">to</span> <span word="nearly">nearly</span> $60 <span word="billion">billion</span> - <span word="up">up</span> <span word="nearly">nearly</span> 13 <span word="percent">percent</span> <span word="for">for</span> <span word="the">the</span> <span word="same">same</span> <span word="time">time</span> <span word="last">last</span> <span word="year">year</span>.</p><p><span word="Retail">Retail</span> <span word="analyst">analyst</span> <span word="Marshal">Marshal</span> <span word="Cohen">Cohen</span> <span word="calls">calls</span> <span word="it">it</span> <span word="a">a</span> <span word="good">good</span> <span word="start">start</span>.</p><p>"<span word="Black">Black</span> <span word="Friday">Friday</span> ,<span word="good">good</span> <span word="or">or</span> <span word="bad">bad</span>, <span word="isn">isn</span>'<span word="t">t</span> <span word="the">the</span> <span word="indication">indication</span> <span word="of">of</span> <span word="how">how</span> <span word="retail">retail</span> <span word="will">will</span> <span word="fare">fare</span> <span word="for">for</span> <span word="the">the</span> <span word="whole">whole</span> <span word="year">year</span>, <span word="but">but</span> <span word="it">it</span> <span word="is">is</span> <span word="a">a</span> <span word="good">good</span> <span word="sign">sign</span> <span word="that">that</span> <span word="the">the</span> <span word="consumer">consumer</span> <span word="has">has</span> <span word="shown">shown</span> <span word="up">up</span>," <span word="said">said</span> <span word="Cohen">Cohen</span>.</p><p><span word="Consumer">Consumer</span> <span word="spending">spending</span> <span word="is">is</span> <span word="critical">critical</span> <span word="to">to</span> <span word="the">the</span> <span word="U">U</span>.<span word="S">S</span>. <span word="economy">economy</span>, <span word="accounting">accounting</span> <span word="for">for</span> <span word="about">about</span> 70 <span word="percent">percent</span> <span word="of">of</span> <span word="total">total</span> <span word="economic">economic</span> <span word="activity">activity</span>.</p><p><span word="But">But</span> <span word="Monday">Monday</span>, <span word="the">the</span> <span word="White">White</span> <span word="House">House</span> <span word="warned">warned</span> <span word="that">that</span> <span word="failure">failure</span> <span word="by">by</span> <span word="Congress">Congress</span> <span word="to">to</span> <span word="reach">reach</span> <span word="a">a</span> <span word="budget">budget</span> <span word="deal">deal</span> <span word="by">by</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> <span word="the">the</span> <span word="year">year</span> <span word="could">could</span> <span word="put">put</span> <span word="a">a</span> <span word="serious">serious</span> <span word="crimp">crimp</span> <span word="on">on</span> <span word="consumer">consumer</span> <span word="spending">spending</span>.</p><p><span word="Key">Key</span> <span word="indexes">indexes</span> <span word="on">on</span> <span word="the">the</span> <span word="New">New</span> <span word="York">York</span> <span word="Stock">Stock</span> <span word="Exchange">Exchange</span> <span word="fell">fell</span> <span word="sharply">sharply</span>.</p>
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