>> sean: that is all the time we have left. thank you for being with us. i hope you have a great night. holiday season will you spend as much as in the past? >> no. >> i'm already working through this year because of the economy. >> we're taking a hit. >> retail, one in four jobs in america. >> as a small business, it's more crucial for us to make steady dollars. >> you see some people going in and out of the stores but it doesn't seem like they are

buying? >> i think some people stretching, what has happened to their job. >> you know what, don't believe it. christmas is going to be better. parents always find a way to buy their kid that hot toy. >> greta: tis the season for spending, also the make or break time for our economy. this year's holiday shopping season is taking added importance, businesses are looking to to ring in the season by rings go up sales. with so many people still out of work, is there hope for the holidays? macy's is among the stores hiring seasonal workers. we spoke to macy's ceo terry lungren. nice to see you. is this the old macy's? >> this the oldest macy's, where it all belong and largest store in the world. >> greta: how big? >> 1.1 million square feet of

selling space and expanded 1.2 million. >> how hold soeld this building? >> this is over hundred years old. the original macy's was down 14th street. >> greta: if you don't live in new york, you still know macy's. macy's day parade. that is macy's, right? >> right. >> greta: with the economy, everybody is fearful about the economy but doesn't look like you are hurting? >> this store is a pretty special place. our business is up 5.3%. in our industry that is spectacular. we're having a great year. >> greta: why is it up? >> customers like what we have apparently. a number of strategies we have executed. >> greta: but everybody has always liked your product. i see ralph lauren and people have liked it. there has to be something different.

either the economy is picking up or something? >> first of all, parts of the economy are positive but it's not across the board. in our case, we're definitely taking market shares. we also see that. we are seeing the effectiveness of strategies we put in place, focus on consumers who live locally. so to accommodate tourists and tri-state area but across the 800 stories. we're very focused on local consumer. >> greta: how many employees? >> 170,000. >> we just hired 78,000 new employees for the holiday period. but it's still 3,000 more than we hired loose las year. we have,000 more temporary jobs, we hired 4,000 new permanent jobs for the company this year as well. >> greta: so it's not just a situation as a result of the

economy you are downsized you try to do with less. you just add. it looks like you he more. >> it's very simple. in our business, what drives employee growth is sales growth. when we grow our sales, we grow our earnings. when we grow our earnings we can add more people. that is exactly what is happening. we're growing sales. we're adding employees. we're making a better earnings for our economy. >> greta: do you have some sense of what percentage of your gross sales, between thanksgiving and christmas, what percentage? >> we don't give specific details. i know exactly what that number is. it's a big number. business really ramps up. you'll see it all the way through the period of december 27th and 28th, it's knotted nonstop. >> greta: and the interest in

the industry, what do most people in retail expect. what percentage at this time? >> this time, this holiday period is about 30% of the annual business, but even higher percent of the earnings. >> greta: between now and the new year, the people you hire temporary jobs, can they establish themselves and you say you can't live without the extra people? >> no question about it. we will definitely take off the very best talent we get. obviously, first look at them and see how well they do selling under pressure and very various departments. we'll do everything we can to do that. >> greta: i won't mention come pet torsion is there something that washington help your industry as a whole? >> no question about it. i think what the consumer is

looking for and business leaders is looking for certainty. what we would like to know, what is our corporate tax rate. what is our individual tax rate going to be? what can we count on for gdp growth in the next couple of years. what can we expect, what can we count on. we don't know those answers and we're obviously hopeful to learn more and more as super deficit committee takes action and is responsive. >> greta: give me an idea. corporate tax rate is going to be for the next five years so you have the certainty. how would you execute it? show me how that certainty makes a difference? >> up or down, you are going to decide whether the country is going to invest in or take your business elsewhere. what is it going to mean in terms of employee tax. how much is it going to cost you for health care? what does it mean, what should i

expect my jelling general expenses to run at and if it's going to be higher, what do i need to do to figure out how to offset it. we're going to offset it. we need those certainty, so we know the numbers that we can hire on a permanent basis and. our shareholders are not going to say, washington is not helping you out. it's okay if you make less money. that is not how business works. we're going to have to scramble and do things differently to respond to what the new set of realities become. >> greta: business leaders and ceos that you don't have that certainty and you see washington a little bit of this logjam, not making decisions. it must be paralyzing in some ways? >> in many ways. i'm making investments in america because i believe in our company. i believe in our people and what

we're doing. i'm counting on making money but the only way i am taking market shares from others. all boats ever all retail is performing. retail impacts one in in four jobs. think about the magazine business, newspaper business and shipping and packaging business, all of those things. we impact so many jobs. if customers are not buying, if customers north feeling confident, consumption is two-thirds is what drives gdp in america. so there is no way other pieces can make up for that lack of confidence. that is what i am looking for to be corrected in 2012. i'm optimistic. i'm actually optimistic. i think that it's the right thing for our company but i'm

optimistic we're going to get our hands around this in washington and deal with it. >> greta: you are optimistic but hoping things are going to go in a particular direction. vis-a-vis corporate tax but it puts you in a position of rolling the dice? >> not with my own economy. the economy has not been robust but we are performing very well. >> greta: you talk about market share and taking it from somebody else. >> my investment is not going to die. i'm invesng in what we believe it. >> greta: macy's may be thriving and doing well, that means the store down the street may not be. >> that is correct. >> greta: you are taking the consumption from somebody else? >> that is correct. it can be fine for macy's but it's not going to be fine for america. america needs certainty. >> greta: for instance, let's take china and devaluation of the currency, would have an

impact on you? people wanted to buy things cheaper. your store wants more money and they want to buy cheaper things? >> if you have a handbags here, very similar in what the details are, one handbag is $50 and one handbag is 45, nine times out of ten, $45 is the one is going to sell unless it's got ralph lauren's name or something that creates extra demand. but consumers definitely want value. >> greta: and you and other business leaders you need to plan accordingly if washington does something? >> they need to make big decisions in america or elsewhere because of the certainty that is missing. i'm hoping it will come in the very near future.

>> greta: sit frustrating? >> frustrating, of course. i'm chairman of the national retail federation. i talk about these very subjects. how important their decisions are on american business. >> greta: the best present for many americans would be a job. you just saw that macy's is hiring thousands of seasonal workers. many other retailers are, too. national retail federation they will hire about 490,000 part time seasonal workers, about the same as last year but some employers are expecting payroll to increase slightly more than projected. here is a look. j.c. penney's plans to hire 30s. kohl's says 35%. walmart says it's holiday employment will be about the

same as last year. but the news isn't all rosie. toys 'r' us holiday hiring will fall. some retailers it's cheaper to increase the hours of existing workers. toys 'r' us plans to hire about 40,000 seasonal workers. and the stores just aren't looking for salespeople. they are looking for extra workers and shipping facilities and stock rooms. shipping companies like fed ex and ups. they expect million shipments through the holiday season, that is 12% increase from last year. fred smith says the uptake in business is due to intermediate intermediate internet shopping whether you have a job or not. everyone needs to save money in this shaky economy. so how can you maximize your holiday gift giving while watching your wallet? retailers are pulling out all

the stops to get you to spend and save a little money at the same time. they will have all kinds of price slashing promotions especially around black friday. they are trying to drum up traffic. there will always be plenty of coupons to be clipped. this year shoppers may look at outlets for discounts. here are some other tactics you can use to stay on budget. check out social media sites like facebook and groupon. use reward points and cash back deals to buy gifts. >> many companies are looking to old ideas for new business. layaway is making a comeback. big business is using layaway to boost spirits. liz mcdonald tells us more. >> reporter: recent reports show an increase in consumer spending this quarter before the holiday season begins and businesses

eager to capitalize are dusting forgotten layaway plans. several stores, these are some of the biggest retailers that are bringing back the layaway program for this christmas shopping season. jumping on the bandwagon, t.j. max, burlington coat factory, toys 'r' us and babies are us. the layaway plan was common payment method that first debuted during the great depression when families needed access to credit to buy christmas presents during desperate times. layaway practice continued for 40 years until the ads and credit cards pushed it aside. this year there is steadily high unemployment at 9%. many have max'd out their credit cards or no longer have one. for a mistake is fee, sometimes

only $5 the company holds an item for the customer and the customer makes scheduled payments until it is paid in full. however, a powerful u.s. senator that you could get seriously screwed by pricey layaway plans that could cost you way more than even regular credit cards. >> these layaway programs can be nothing more than sky high interest rates that consumers would never tolerate. holiday season is supposed to be about giving but too many promises is taking advantage of people. >> reporter: the senator is pushing retailers to clearly show how layaway plans can cost the consumer way more than using a credit card and also to clearly present their fees to customers. not everyone agrees with schumer. a new report shows that half of

one thousand consumers polled they use layaway once and third of them return to lawaway is a great news. >> it's a different payment option. >> it's a good idea. >> retail industry leaders associates defends the fees, it is at least to suggest that five bucks on a hundred dollar purchase is twice the going rate of credit cards which today average about 14.9% nationwide. layaway programs provide consumers with a responsible low cost alternative to credit cards. that is once forgotten practice is a popular alternative to credit cards and a boon to large retailers. that friend will likely continue as the economy falters and taking credited because it's more difficult. >> greta: coming up. stores are opening their doors in hours. will they see the holiday rush they need? where else is there money to be made this season?

dennis is here next. and the toys you buy for your kids this season are probably not made in the u.s.a. donald trump says other countries are making our products and taking our jobs. he will tell you how that should be changed. more businesses are counting on holiday shopping for their survival. what are they doing to lure the shoppers? you will hear from the small business owner coming up. ii'ds and some coffee. sure. cake or pie? pie. apple or cherry? cherry. oil or cream? oil or cream? cream. reddi-wip us real dairy crm. nothing's more real than reddi-wip. that's why i recommend crest pro-health clinical gum protection. it helps eliminate plaque at the gum line, helping prevent gingivitis. it's even clinically proven to help reverse it in just 4 weeks. crest pro-health clinical gum protection. you can put a force field on him and be invisible!

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>> greta: tomorrow is a black friday. the start of holiday shopping sands busiest shopping day of the year. holiday sales are critical to boosting our sluggish economy. just how brisk will those sales be and will be enough? fox business correspondent dennis neil is going to show us the numbers. >> greta: what can we expect for joyful spending, christmas, is it going to be one we get proverbial piece of coal? >> we could end up with a lump of coal. it's going to be crazy. consumer confidence you spend more when you feel better but we

peeked peaked in february. that is bad. they are expecting it's going to fall 2% from a year ago. that is not a good thing. $700 per person. this is important for the economy. every year the holidays, two months of shopping makes up close to 20% of retail sales. and it's important for the economy. now our next screen, here is another bad sign. they are expecting for thanksgiving fewer air travelers than last year. you see the numbers are way down from 2006, 2007. that shows that people are pulling in and not spending a lot. overall, forecasting $467 billion in sales, up 3% over a year ago. in this bad economy, maybe that is something to be thankful for but it could be better. why? because consumer spending, 2.5% higher than a year ago. retail sales every month this

year has been up close to 8% versus a year ago. maybe we're going to come in for a surprise. if they could manage the $467 billion, it would be up 3% but last year they were predicting awful, it came in 5%. so we could be in for a surprise. next screen -- also when sales are sluggish online is jammed. they are going to have 15% sales increase to almost $60 billion. >> how does the online retail sales and consumer confidence how come this goes up? >> because online higher percentage of the sales. and online continues to grow, many people are staying home and shopping online. >> greta: but they don't have consumer confidence but they are prohibiting the internet? >> that is right. they don't have to spend the $4 a gallon on gas to go get it.

next screen, this is number of holiday hires. we could have increase to 500,000 part-timers. it turns out, some guys are stocking up. j.c. penney's adding 37,000 part-timers. >> greta: best buy was going way down? >> they are adding 15,000. >> that is increase of 5-10% versus last year. then you've got offbeat indicators. i'm not hanging crates. ups came out and said they are ship record high number of packages. 22 million in a single day. >> greta: it's because of the internet. >> and we ship ourselves. call of duty, hottest video game of all time.

you kot got the kindle fire. that is cheap, $200 for a tablet and you got the iphone 4-f and, it answers questions. you have got other things. i think you're going to hear from now onward, all the analysts will say, it's going to be bad christmas. don't believe it. christmas is going to be better. parents always find a way to buy their kid that hot toy. >> greta: so it's good for the cash register? >> i think it's going to be great. it's the consumer confidence that scares me. >> it's turning up, i feel it. thank you. >> greta: donald trump is here. what would he do to fix the economy for the new year. he'll tell us his ideas next.

also retailers big and small pulling out all the stops. holiday shoppers have limited cash so stores are taking drastic measures to get you in the door. why it could be good news for why it could be good news for you. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually se arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammatio plus, in clinical studies, celebrex is proven to improve daily physical function

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and last chance at medicare open enrollment, too. what do yean? it ends december 7th. if you haven't reviewed your medicare plan oices yet, well, it's getting late. medicare gives you free cancer screenings and wellness visits, and 50% o brand name prescription drugs when you're in e donut hole... it's all part of the health care law. december 7th? i better get goin'! [ male announcer ] medicare open enrollment ends soon. cal1-800-medice or visit medica.gov to learn re. >> greta: holidays may be hard this season.

9% unemployment rate grips the nation. national debt recently hit $15 trillion. how did we get here? we're going donald trump for the answer. >> greta: typically christmas holiday season a good time for business, how do you get people how to buy things and rev up the economy? >> it's very sad when we have almost record unemployment. if you look at the real numbers, 21%, not 9.1%. it's a sad time. >> greta: what do business do. shopkeepers, some people going in the stores but it doesn't see they are buying? >> i think they will be doing. some people it's tragic what happened to the jobs and factories and are closed up and companies have moved to other countries. it's a really tragic situation for this country in my opinion. it's very sad time for a lot of people.

>> greta: a lot of people especially like camera stores, people go in and look at cameras and try them out. they go home and buy it on the internet? >> you know where the cameras are made, they norlt made in the united states. that is what i think about them. i agree with the internet. i know it affects the stores, but i also look where the cameras are made. they are not made in this country. >> greta: japan, china? >> they are made everywhere but here. find a place that makes cameras in this country. look at kodack, i'm not saying bad decisions were made but they were late to embrace digital. would you ever think it was possible they are going bust. >> greta: they stuck with film. but did it sneak up on us.

when we were looking for the products were manufactured overseas? >> it was a period of time. everybody talks about free trade it's stupid trade for this country. you look what is happening. as an example, japan, they have done very well. they sell their cars over here but the millions. how many chevrolets do you see in japan? how many chevrolets do you see driving down the boulevards of tokyo? i don't think too many, if any. you look at the television sets out of south korea. i like south korea. they have so out negotiated us. thousands of television, thousands, i bought thousands last year. everything from south korea and other places, not from this country. at some point, don't we have to make our own product. we have great people in this country. i have some factories currently

that makes some incredible things. very complex things. we can do it, but we're not given a chance. we let these companies and these countries from to come in and take our jobs and make our products. it's very sad. when you mention christmas and presents and buying, how can we create jobs in this country? how can we have jobs in this country when our products are being made overseas? it's a terrible thing. >> greta: so options, you said you buy television, if you buy thousands of them and you can buy them overseas and buy them $300 and you would have to pay $400. you basically out of your mind to buy them here. >> it's so many things. if you look at toys for children there is so much manipulation.

i'm not saying stupidly from the standpoint of other countries. but we don't do it. >> greta: should we do it? >> we have to fight to gain or get a handle on the situation. you tax the products coming in from companies that manipulate or countries that give us unfair trade. >> greta: that is a trade war? >> who cares. greta, it's like this terrible thing, a trade war, who cares. we're doing $350 billion with china. we have a trade imbalance, $350 billion, so the stupid person interviewing me recently, said that is going to be a trade war with china. that would be the best thing happened. if we don't do business, we don't lose $350 billion. >> greta: as i read the "wall street journal", there are a lot of companies, they hire a lot of part time people. some companies are literally cut

in half. it's devastating effect on many families that expect to get some holiday work. >> when india is doing outsourcing to india, when we're doing so much business out of this country, it sounded so good when they came up with it. i take criticism. >> greta: and your holiday wish list for the five top pro business legislation, what do you want? >> i would say many things. i would like tax china and various other countries that are taking advantage of us. i would like to do a serious thing with opec. they wouldn't be there except for us. the streets are paved in gold. you look at some of these countries, they have streets paved in gold. there are many things you can think of. i seriously think we have to immediately open up our natural resources.

you look at abu dhabi they are going to a strong system for natural gas because they can sell to stupid americans, as they call them, stupid americans can buy our gas and oil and our other products because they are do so well by selling other products. why aren't we doing submit saudi arabia of natural gas. other countries are going to natural gas and we're not. because the environmentalists are not allowing it look, the legislation that has been passed over the past yeeshlgs dodd-frank has been very bad for the country. >> greta: dodd-frank came into effect of july 2010 whether we had hit the skids before that? >> i had never seen, the banks

so they can make a deal. >> greta: so are they just gaming us? >> i think they are. i am disappointed and you have great credit and if you have a house, i know people that have a mortgage for 25 years, their mortgage comes due and they demanding to pay off or they are going to foreclose. now, the banks don't loan money to these people. that is really a terrible thing. i'm not talking about people have been under foreclosure. but really good people that have paid, have done a fantastic job and now their mortgages come due. they just want an extension. the banks have been very bad. i will say this. a lot of the banks are afraid, however, because of the regulators to make a deal. here is the problem. our system has come to a halt because the banks are not

loaning money. if a man wants to start a business, you can't borrow money. it's tough. somebody wants money, if you have money and you are really rich and you need money, you can have it. you can have all the money you want if you are rich, but those aren't the people that need money. the people that want to build a business or finance a house, they 6 no chance of getting money. >> greta: thank you. >> thank you very much. >> greta: coming up, sales, free gifts and coupons. the holidays are make or break time for small businesses. they are going all out to lure you in. see how the small shops that bring you big savings and how much are you willing to spend this season? will economic worries shorten your shopping list? we'll take the pulse of holiday shoppers. copd makes it hard to breathe,

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>> from america's news headquarters, i'm marianne raff receive. the state department working to confirm that students arrested in egypt have been freed. a lawyer working for one of the three says their release has been scheduled. they were arrested on sunday, accused of throwing firebombs at security forces, battling protesters. all three are expected to return to the u.s. as soon as possible. a special visitor making it a thanksgiving to remember in an airbase in tucson, arizona. gabrielle giffords is serving thanksgiving dinner to the troops. it was the first event involving her constituents since she was critically wounded in a shooting on january 8. now back to "on the record." for all of your latest headlines, go to foxnews.com. you are watching the most powerful name in news, fox newschannel.

>> greta: its critical time of the year. small business owners are hoping to cash in on the holiday rush. many are ramping up marketing efforts, even giving gifts to customers. and we talked to small business owners. >> from maine to michigan and washington state, to washington, d.c., small businesses across the country are hoping tis the season for a heavy dose of holiday spending. >> i would say we do about an eighth of our yearly business. >> we see an increase in sales in december. >> holiday season is number one season. >> reporter: for retailers, november and december account for 19% of total sales last year. and for some of them, that percentage can be as high as 40% according to the national retail

federation. as we head into the holidays and companies keep their eyes on the prize, the ghosts of recession are still haunting some. like lindsay fisher an owner of a women's clothing store. >> no matter how many years go by, it's hard to shake the nervousness. i will be on the tip of my toes worrying about something happens again. i constantly have a back-up plan. because of what the last few years has forced us to do is i know how to fix things quicker and to adjust. >> we've taken a hit just like everyone else. as a small business, it's more crucial for us to make those steady dollars. we don't have money sitting in the bank like large companies. it's important to have the cash flow is. >> reporter: but some small business owners are looking up. >> our margins are up.

we're up 13% of the year and we expected it to go up. >> three years ago our business dropped 40%. it's taken a long time to get back. e' sve seen a slow upward trajectory over the last year or so. >> this year is a better year for us. this year it's looking good. consumer confidence is up. allah cart diners are coming out. but they are coming out and they are planning parties, but not extravagant. but we're finding ways to work with within their budget and focus on cocktails, we'll do that. >> reporter: for some stouffer's the sluggish economy has permanently altered the way they do business. >> it used to be easier to do retail. you would buy the goods, you would have 30, 60, 90 days to pay for them. in the last couple years, it's been so difficult.

the banks are putting a squeeze on everybody. a lot of inventory has to paid up front. you either have to have deep pockets or big credit lines or something in order to do that. or you cut it very close to the season like i do, and you get the goods in right before you need to sell them. >> probably more than one-half, more than a couple of them, spread sheets, we are looking at margins and what is not selling. we're marking down quicker if they are not moving fast enough. >> reporter: to entice the shoppers and holiday dollars, these businesses are aggressively courting customers with sales and special incentives. >> we take advantage of the internet opportunities like groupon. we tried others, it allows you to have an advertiser and some other things appetizer.

>> all four locations we are doing 30% off from 9:00 to 10:00 and lots of discounts throughout the day. and stocking stuffer sale. we have new year's a dress sale. on tuesday we have a saving voucher, and we events constantly. >> reporter: small businesses are the engine of the economy and they are putting their foot to the pedal. >> we are hiring more part-timers. we're doing so much more business over the course of the year. >> reporter: and for sullivan's toys that moved in a larger location, their knew hires are here to stay. >> we're hiring more because of expanded and inventory has increased. that is good news. >> greta: straight ahead, financial fear or holiday cheer.

will the shaky economy keep shoppers out of the stores? we hit the streets to find out next.

>> greta: heading into the all important shopping season, rise in consumer confidence is boosting hopes for the economy but the unemployment rate remains high. will shoppers be buying fewer gifts this season? griff jenkins hit the streets to find out. >> reporter: are we spending less. >> we're hopefully spend less. >> much less because with the store, you can't spend as much as you i would like to. so it means less spending. >> reporter: will you spend as much in the past or sit curtailed? >> we probably won't even give each overanything. >> a little less this holiday season. >> something not quite so frivolous but more useful. i'm probably going to spend more. that is the projection.

>> reporter: you are projecting more spending on the family? >> yes, especially whether you have daughters. >> reporter: i can relate to that. i have two myself. >> i probably will be more conservative because of the unpredictable economy. >> did you go buy what your heart wanted or are you looking for deals? >> look for deals. i shop at stores where they give me rewards for my spending. >> reporter: how much in-person shopping versus online shopping? >> it's really dictated by my work. if i have time brick and mortar stores, if not, i'll spend time online and order that way. >> reporter: what do you prefer to do? >> everything. i hate malls. >> i do better with the grandchildren and concentrate

more on them. >> surprise the kids lav laugh. >> no one is getting cut off but less. get things from cbs. >> greta: we'll be right back with more of our season one more gift... [ gasps [ male announcer ] if you're giving an amazing gift, shouldn't it be given in an amazing way? ♪ ♪ the lexus december to remember sales event is here, but only for a limited te. see your lexus dealer for exclusive lease offers on the 2012 es 350 and, as a gift from lexus, we'll make your first month's payment. ♪ to connect our forces to what they need, when they need it. ♪

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♪ hah

>> greta: it's the season for spending and businesses banking on the next few weeks. as you know, shopping rush starts on black friday. many stores are getting a jump start. walmart is already open for business. ask several others are opening at midnight, target, mace ease's. khols and best buy. and let's hope it