EVERYTHING IS GOING SWIMMINGLY: Black Friday: US retailers prospects look gloomy in a forgettable year: Consumers remain choosy and discounts are expected to hit record highs.

Investors in America’s retail sector would probably prefer to forget 2023. The S&P Retail Select Industry Index has climbed about 5 per cent, less than a third of the S&P 500’s gain. The industry trades on just 12 times forward earnings, well below the five-year average of 17 times.

Black Friday — the day after Thanksgiving — traditionally is America’s biggest shopping day of the year. But this time it will not provide much of a boost.

People are skint.