So today is the dreaded "Cyber Monday." Apparently online retailers realize that employees will take advantage of on-the clock work hours on Monday to do some of their Christmas shopping. This is apparently a huge event... I would say that American's probably spend $32 trillion per hour on Cyber Monday.
But one might ask where the BBFiles got their data from because $32 trillion is almost 3 years of our annual income. Well the BBFiles just did what some economists do which is to make it up! We have no evidence for this dollar amount, but on the front page of MSN today there was an article bragging about how online sales have this Cyber Monday have increased by 20% over last year. What? First of all the day is not even over. The article has been posted since 3:30 PM MST. Also, large retail numbers like this are usually posted once a quarter then adjusted two quarters later. This is because it is extremely difficult to measure numbers like this, so we wonder how the author of the mentioned article could possible even have a rounded out guess, especially one as precise as 20%, before Cyber Monday is even over. People like this give economics a bad name.
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