SHOOT: Fascinating. Despite unemployment at a 26 year high, and no reason why this ought to improve, Wall Street is still hoping greed will win, that consumers will continue to consume, whether they have jobs or money or neither. Have you heard of the saying, 'the blind leading the blind'? This is the Greed leading the greed.
With Black Friday less than two weeks away, retailers are hoping consumers will be willing to open their wallets during the all-important holiday sales period, helping fuel the economic recovery.
Kicking off the week will be the government's monthly retail sales report, which investors hope will shed light on how much consumers will be willing to spend.
"Next week is all about consumer spending and the holiday," said Burt White, chief investment officer at LPL Financial.
Retail sales have shown some improvement recently, suggesting that consumers are suffering from "frugal fatigue" and may be more willing to splurge this holiday season, White said.
A rebound in consumer spending, which accounts for the bulk of U.S. economic activity, could help fuel bets that a recovery is firmly underway.
The outlook for consumer spending remains murky with the national unemployment rate at a 26-year high of 10.2%.
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