Dispatch from the Front: The Week of November 24

By November 24, 2008Economy

A light news week but heavy meals, it being Thanksgiving on Thursday. The NAM is also closed Friday.

President Bush has returned from South America and today meets with the 2008 recipients of the Nobel Prize. This evening he welcomes Prime Minister Ehud Olmert of Israel to the White House.

President-elect Obama announces his economic team at noon Eastern today. Markets will react.

The Senate meets in pro forma sessions today and Wednesday to thwart any recess appointments by President Bush. Otherwise, quiet and no hearings in Congress.

Economic reports? On Friday, the USDA’s National Agricultural Statistic Service releases the poultry slaughter report. Otherwise, AP reports: “Investors are also expected to pay close attention to a number of economic reports due to be released during the week, including readings on existing and new home sales for October, and weekly U.S. jobless claims data. But the most-watched reports are those focused on consumers, whose spending drives more than two-thirds of the U.S. economy.”

Finally, the annual story of post-Thanksgiving shopping will be beaten to debt, er, death this week, no matter what the actual news is. Look for one of these headlines:

  • Black Friday sales woes add to recession fears
  • Strong Black Friday sales belie weak economy

Have a wonderful Thanksgiving.

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