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Economic Forecasting
Nov 30th, 2008 by Mike

“The only function of economic forecasting is to make astrology look respectable.” — John Kenneth Galbraith

Yesterday, Black Friday, consumers spent 3%1 more than last year. All we heard on the news was how horrible for retailers the day would be. That folks were only going to browse. I think Mr. Galbraith is correct. The crowds even trampled a Wal-Mart employee to death in their rush to buy stuff, for crying out loud.

© 2008, J. M. Erickson. All rights reserved.

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  1. UPDATE: latest figures estimate that the increase may be more like 7% []
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