Early online sales looked formidable. But those numbers don't tell the whole story.
Saturday, November 26, 2022 |
It's the Thanksgiving edition of the Reuters Weekend Briefing, which brings you the news you need to know about holiday sales, protests at the World Cup and more. This week's edition was written by Derek Caney, Editor in Charge, Reuters.com. |
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People shop at Target during Black Friday sales in Chicago, November 25, 2022. REUTERS/Jim Vondruska |
- What we expected: Lots of spending. But bad weather kept crowds thin on what is typically the busiest shopping day of the year. U.S. online shoppers are expected to spend as much as $9.2 billion, according to Adobe Analytics, which forecast a 1% rise to $9 billion. Not all corners of the online shopping world were toasting the season. Some Amazon workers in Germany and France downed their tools as part of a protest for better pay.
- Next week's data: We're looking ahead to a fresh view on inflation, with the October personal consumption expenditure price index numbers. Forecasters expect a 0.3% increase month-to-month and a 5% increase year-to-year. We'll also see the November jobs report, which is expected to show the U.S. economy adding 200,000 more jobs and an unemployment rate of 3.7%.
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- What happened: Residents of two American towns spent much of their holiday mourning the latest victims of gun violence. Last weekend, an attacker opened fire in Club Q, an LGBTQ nightclub in Colorado Springs, killing five people. On Tuesday, a Walmart store manager in Chesapeake, Virginia, gunned down six coworkers before turning the gun on himself. The shooter left a rambling note on his cellphone in which he railed against other employees who he felt had mocked and betrayed him.
- The weeks remaining: President Biden will attempt to pass some form of gun control before a new Congress is seated, possibly renewing his attempt to ban assault weapons. He'll need to do it before Jan. 3, which is when the Republicans take over the House of Representatives, where support for meaningful gun legislation is likely to get bogged down.
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- Lockdown fatigue: Protests broke out in China's far western Xinjiang region, with crowds shouting at hazmat-suited guards after a fire there killed 10 people and triggered anger over their prolonged COVID-19 lockdown. Authorities said the building's residents were able to go downstairs, but videos of emergency crews' efforts, shared on Chinese social media, led many internet users to surmise that residents could not escape in time because the building was partially locked down.
- The coming days: Tensions could rise further in Xinjiang, which has been under some of China's longest lockdowns. Many of Urumqi's 4 million residents have been barred from leaving their homes for as long as 100 days.
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- Friday: The United States squad surprised many by playing to a 0-0 draw with England. Iran's national soccer team sang along to their national anthem at their second World Cup match against Wales, having refrained from doing so in their opening game in apparent support for protesters back home. Oh, and by the way: Iran beat Wales 2-0.
- Upcoming action: The U.S. can advance to the next round with a win against Iran, while England will advance if the team can avoid a heavy defeat to Wales. Argentina will look to right the ship against Mexico after being shocked earlier this week by Saudi Arabia, which in turn will try to continue its World Cup run against Poland. And France will go up against Denmark.
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- Rough weather: Millions of Ukrainians are without heat or power after the most devastating Russian air strikes on its energy grid so far, with residents warned to brace for further attacks and to stock up on water, food and warm clothing. President Putin met with more than a dozen mothers of Russian soldiers fighting in Ukraine, saying, "I personally share your pain." Meanwhile, Eastern Europe's arms industry is churning out guns, artillery shells and other military supplies at a pace not seen since the Cold War.
- The forecast: More cold, more attacks.
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