Monday's Headlines: $7.4 billion spent on Black Friday

Monday's Headlines: $7.4 billion spent on Black Friday

1. The holiday season has really kicked off as U.S. shoppers spent $7.4 billion online on Black Friday. Though this massive haul might seem like a positive for retailers in general, it was counteracted by a 6.2% drop in brick-and-mortar sales, indicating that shoppers are no longer willing to face the hectic crowds in order to grab a bargain. The spending spree is not over yet either, with Cyber Monday sales today expected to hit a record-breaking $9.4 billion. Read more about this here.

2. Reports emerged yesterday that the long-awaited-for trade deal between the U.S. and China has stalled over legislation relating to Hong Kong. According to the Axios report, U.S. sources had recently indicated that they were on the precipice of a 'Phase One' deal with their Chinese counterparts. However, this progress was halted by recent legislation which requires the U.S. president to impose sanctions on people who violate human rights in Hong Kong. It is now expected that President Trump will hold off on his planned December tariffs to give China time to calm its domestic politics down. Read the original report here.

3. Finally, there will be a huge focus this week on the November jobs report, which is expected to be published on Friday. This monthly report provides economists and analysts with an overall view of the country's economic momentum, with economists in a Bloomberg survey expecting the report to show the nation added 188,000 jobs in the month. Read more on this here.


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