This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7108071.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Solid start to Black Friday deals | Solid start to Black Friday deals |
| (4 days later) | |
| The US Christmas shopping season got under way on Friday, with shoppers braving the cold to look for bargains. | The US Christmas shopping season got under way on Friday, with shoppers braving the cold to look for bargains. |
| On what is traditionally known as "Black Friday", many shops open their doors at midnight or before dawn. | On what is traditionally known as "Black Friday", many shops open their doors at midnight or before dawn. |
| Laptops, televisions, toys and clothes are among the most popular items, as shoppers hunted out discounts. | Laptops, televisions, toys and clothes are among the most popular items, as shoppers hunted out discounts. |
| And despite a gloomy prognosis many big name stores reported bigger crowds for the early morning bargains than they did a year ago. | |
| The National Retail Federation predicts combined November and December holiday sales will grow by 4%, the slowest since 2001, when sales were up 1.3%. | The National Retail Federation predicts combined November and December holiday sales will grow by 4%, the slowest since 2001, when sales were up 1.3%. |
| The cautious outlook has been caused by a falling US housing market, a credit crunch, and rising food and fuel costs. | The cautious outlook has been caused by a falling US housing market, a credit crunch, and rising food and fuel costs. |
| "Retailers knew they had to offer promotions enticing enough to get shoppers out of bed on a chilly day, and they delivered," said Tracy Mullin, chief executive of the National Retail Federation. | "Retailers knew they had to offer promotions enticing enough to get shoppers out of bed on a chilly day, and they delivered," said Tracy Mullin, chief executive of the National Retail Federation. |
| "Though retailers are anticipating a challenging holiday season, they are encouraged by the enthusiasm that their Black Friday sales generated." | "Though retailers are anticipating a challenging holiday season, they are encouraged by the enthusiasm that their Black Friday sales generated." |
| 'Further deterioration' | 'Further deterioration' |
| The Thanksgiving weekend accounts for about 10% of all holiday sales. | The Thanksgiving weekend accounts for about 10% of all holiday sales. |
| Black Friday, one of the busiest shopping days of the year, used to be the day when a lot of retailers turned profits - literally going into the black - for the whole year. | Black Friday, one of the busiest shopping days of the year, used to be the day when a lot of retailers turned profits - literally going into the black - for the whole year. |
| The holiday season will be terrible Ian Shepherdson, High Frequency Economics In pictures: Black Friday | The holiday season will be terrible Ian Shepherdson, High Frequency Economics In pictures: Black Friday |
| This year stores started offering discounts and extended their working hours several weeks ago, expecting a difficult time ahead. | This year stores started offering discounts and extended their working hours several weeks ago, expecting a difficult time ahead. |
| The most recent official data from the Commerce Department showed that retail sales rose by just 0.2% in October, compared with September's 0.7% gain. | The most recent official data from the Commerce Department showed that retail sales rose by just 0.2% in October, compared with September's 0.7% gain. |
| Shoppers braved freezing conditions | Shoppers braved freezing conditions |
| At the same time, some of America's largest retail firms, such as Macy's, Limited Brands, JC Penny and Nordstrom, all saw same-store sales fall last month. | At the same time, some of America's largest retail firms, such as Macy's, Limited Brands, JC Penny and Nordstrom, all saw same-store sales fall last month. |
| The downturn in the housing market has centred on record levels of mortgage defaults in the so-called sub-prime sector, which specialises in higher risk loans to people with poor credit histories, or those on lower incomes. | The downturn in the housing market has centred on record levels of mortgage defaults in the so-called sub-prime sector, which specialises in higher risk loans to people with poor credit histories, or those on lower incomes. |
| Most of the main US banks have subsequently lost billions of dollars after having to write-off their exposure to this bad debt. | Most of the main US banks have subsequently lost billions of dollars after having to write-off their exposure to this bad debt. |
| The crisis has made the banks much less willing to lend among themselves or to other borrowers, both reducing and pushing up the price of available credit. | The crisis has made the banks much less willing to lend among themselves or to other borrowers, both reducing and pushing up the price of available credit. |
| America's central bank, the Federal Reserve, has confirmed that economic growth is now slowing. | America's central bank, the Federal Reserve, has confirmed that economic growth is now slowing. |
| Earlier this week it cut its forecast for 2008's economic growth to a range of 1.8% to 2.5%. Previously it has predicted growth of between 2.5% and 2.75% for next year. | Earlier this week it cut its forecast for 2008's economic growth to a range of 1.8% to 2.5%. Previously it has predicted growth of between 2.5% and 2.75% for next year. |