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How does Black Friday impact the economy?
So, Black Friday is known for kicking off the holiday shopping season and the weekend can be critical to retailer's annual performance. Investors also see it as a good indicator of the health of the retail industry. Last Thanksgiving weekend, 165 million Americans went shopping in stores and online. Online alone for Black Friday, they spent $6.2 billion.
What is the role of the retail sector in the economy?
So, consumer spending drives a lot of the economy. And in fact, economists say it is one of the most important economic indicators. The National Retail Federation says that it contributes $2.6 trillion to annual GDP.
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