It's official: On Monday the National Bureau of Economic Research announced that the US economy has been in a recession since December 2007. But in what has been a lackluster year and holiday season for retailers so far, the Thanksgiving weekend provided better-than-expected results. It is unlikely, however, that one positive weekend will be enough to overcome what could turn into the worst holiday season on record. November same-store sales growth was the lowest in over 35 years. This followed the recent release of largely disappointing third-quarter results. Even online sales are suffering, with slowing growth since May that turned negative for the first time ever in November. And ongoing macroeconomic deterioration makes continued sales declines a possibility. Though there were pockets of good news such as a slight increase in consumer confidence and falling gas prices, unemployment reached a 15-year high in November, following its fifth straight monthly increase.

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