Yesterday, an estimated 134 million Americans descended on the malls and shops in search of bargains on the second biggest shopping day of the year (the Saturday before Christmas ranks first). Given the number of stores that for the first time opened for business on Thanksgiving day (including Wal-Mart’s 3,500); the rise of Internet shopping; and the increased use of gift cards that are not included in sales data until actually used, it will be a while before we will know whether consumers–90 percent of whom do have jobs–have decided to loosen the purse strings.

But early signs are promising. The crowds are clearly larger than they were last year. As Terry Ludgren, CEO of Macy’s put it, “Last year we were falling off a cliff, grabbing for branches on the way down.” No longer.