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Weely News and Calander

Headlines

Black Friday sales increased 6.6% to the largest amount ever as U.S. consumers shrugged off 9 percent unemployment and went shopping. Consumers spent $11.4 billion, ShopperTrak said in a statement yesterday. Foot traffic rose 5.1% on Black Friday, according to the Chicago-based research firm.

Did you skip the lines on Black Friday? There's still Cyber Monday -- and analysts are expecting an abundance of deals to bring in record online sales this year. Andrew Lipsman, an industry analyst at data tracking firm ComScore, said sales for the one-day shopping event are projected to hit a record $1.2 billion this year.

Last week, Congress's special 12-member deficit-cutting committee failed to agree on measures to address U.S.'s fiscal woes. It marked the third year in a row that taxpayers headed into December with major tax-code issues unaddressed. Lawmakers have a lengthy to-do list. The 2% Social Security payroll-tax cut for employees expires at the end of 2011. So do a host of other provisions, including a fix to keep the alternative minimum tax from expanding to millions more taxpayers in 2012, and an extension of the popular IRA charitable contribution for people older than 70½.

Oil prices rose towards $108 on Thursday, helped by bigger-than-expected stock draws in the United States and tensions around Iran.
 
ECONOMIC CALENDAR:


Monday - New Home Sales
Tuesday - S&P Case Shiller, HPI, Consumer Confidence     
Wednesday - ADP Employment Report, Productivity and Costs, Chicago PMI, Pending Home Sales Index, EIA Petroleum Status Report, Beige Book
Thursday - Motor Vehicle Sales, Jobless Claims, ISM Manufacturing Index, Construction Spending
Friday - Monster Employment Index, Employment Situation Report