Recapping the day's news and newsmakers through the lens of CNBC.
So far, the holiday shopping season hasn't been something for retailers to brag about, but if a winner has to be declared, it's Amazon and its delivery drones, or in other words, online shopping over bricks-and-mortar.
National Retail Federation data showed that the average shopper spent $407.02, down from $423.55 last year. Online sales on Cyber Monday, meanwhile, jumped by 16 percent over last year's level. ShopperTrak reported weekend sales were up one percent over last year, despite a four percent decline in traffic.
This year's especially heavy pre-Black Friday promotions might have moved some holiday shopping up a few days. skewing the data. Some experts worry that the less-than-impressive start shows the Fed's stimulus just isn't working well enough. Ordinary consumers aren't making much progress, undermining things like retail sales, even if stock investors have done well.
"In the current environment the customers expect promotions, and absent promotions they're not really spending."—Matt Shay, president and CEO of the National Retail Federation
"Lower wage growth is the main factor holding back consumer spending."—Dario Perkins, an economist at Lombard Street Research