Dismal holiday shopping season predicted

And the good news keeps on coming:

Retail sales tracker Shoppertrak issued its prediction for the holidary season 2008:

ShopperTrak RCT today predicted that the upcoming holiday season may not be merry and bright for all, as retailers will most likely feel the sting of a lagging economy and lowered consumer confidence during this critical shopping period. According to the company’s Retail Traffic Index (SRTI), total U.S. foot traffic during the 2008 holiday season is expected to decline a dramatic 9.9 percent as compared to last year, while the company’s National Retail Sales Estimate (NRSE) is forecasting a slight 0.1 percent increase – both record lows.

Meanwhile, weekly sales, which had been improving in late October, declined again in the second week of November "as sales for the week ending November 15 dropped 3.1 percent as compared to the same period in 2007".

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