Holiday Retail Redux
This has been a schizophrenic Christmas shopping season. The fall brought disappointing forecasts from outfits like the National Retail Federation, which predicted that sales would rise—but at the slowest rate since 2002. And it made sense. There was ample evidence, from declining auto sales to slowing traffic at Starbucks, that American consumers—beset by a poor housing market, rising inflation and stagnant wages—had finally hit a wall. Of course, economic actions have a way of defying forecasts....