Consumers Unfazed by Blizzard, Unemployment

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The big boom of post-Christmas shopping just keeps going, and it's happening despite the big blizzard and a high unemployment rate.

America hasn't seen such a blast of holiday shopping in four years.

Sales are up by 5 percent. Also, online sales have soared a whopping 15 percent. The fact that spending is continuing days after Christmas might have something to do with how many people gave gift cards as presents.

Another possibility is that shoppers are feeling safer financially this year.

"Most people are in a better financial position and just a more stable environment so that they can spend a little more on themselves this year as compared to the last two years," said Michael McNamara, vice president of MasterCard SpendingPulse.

This binge of buying comes despite a two-tenths rise in the jobless rate and a two-point drop in the consumer confidence index.

Worries aside, if this mobbing of the malls keeps up, it could seriously aid an economic recovery in 2011.  

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Charlene  Aaron

Charlene Aaron

CBN News Reporter

Charlene Aaron serves as a general assignment reporter and helps anchor for the CBN News Channel.  Follow her on Twitter @CharNews and "like" her at Facebook.com/CharleneIsraelCBNNews.