Christmas not a major economic driver after all
The Hartford Courant notes that holiday gift buying, while totaling about 437 billion in November and December, accounts for roughly 60 billion of holiday excess and about 40 billion of new spending. Substitution and self gifts cut its impact, with much earnings returning to China, reducing Christmas as a key driver of prosperity.
MENTIONED IN THIS ARTICLE
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America
National Retail Federation
China
Iraq Begins Postwar Oil Field Auction Amid Security Fears
Baghdad officials hailed the first field sale to a major international consortium as a success while executives from Marathon Oil Exxon Mobil and Chevron limited bidding to two southern fields. Security and regional disputes threaten broader deals as Iraq, home to the world’s third largest oil reserves, faces political tension with Kurdish authorities and high development costs.
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