6at4 Business Report: Shopping is taking off
November 30, 2011 (WPVI) -- Stocks are up, borrowing costs drop, shopping is taking off and more places are hiring!
Lower cost of borrowing
We saw a huge move in the stock markets today after a coordinated effort by the central banks around the world including our own Federal Reserve to essentially get money moving around the world. The central banks lowered the cost of borrowing money and this eases concerns about a global credit crisis. The central banks they are trying to avoid credit crunch like we just had in 2008.
Buying for you
Black Friday and Cyber Monday sales got off to a record start, and it could continue! That's because consumers did lots of shopping for themselves and that means they still need to do lots of gift buying. The National Retail Federation says that could help keep up the strong pace of retail sales during the holidays. Shoppers finished 40% of their gift buying so far, so there is still lots more shopping to do.
206,000 jobs added
Aalso adding to today's spike in stocks was a big upside surprise on the jobs front. The ADP Employment Report shows companies added 206,000 jobs in November; that's way more than economists had been predicting. It's a sign the economy is still improving, and, if hiring picks up even more, then consumer spending will likely follow.
6at4, stock market, economy, cyber monday, black friday, employment, unemployment, business/finance
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