Thanksgiving Weekend Sales Fall, Surprising Analysts

Published December 1, 2014 at 12:35 PM CST

Shoppers jostle for doorbusters at Macy's at Glendale Galleria shopping mall in Glendale, Calif, Friday, Nov. 28, 2014. (Damian Dovarganes/AP)

Sales from Thanksgiving through the weekend are down 11 percent compared to last year, according to preliminary numbers released Sunday by the National Retail Federation. The numbers have surprised retail analysts, who are still trying to figure out what happened.

Matthew Shay, president and chief executive of the National Retail Federation told The New York Times that the survey shows that “there are a significant number of Americans out there for whom the recession is not yet over.”

But he said there’s also a possibility that those who did feel better off, may not have felt the urgent need to rush out and get a deal. CBS News business analyst Jill Schlesinger spoke with Here & Now‘s Jeremy Hobson about the numbers and what they mean.

Guest

Jill Schlesinger, business analyst for CBS News. She also host the radio show “Jill On Money.” She tweets @jillonmoney.