“Black Friday” sounds dire but is actually a cause for celebration. For most of the year, retail stores are fortunate just to break even. But the beginning of the holiday shopping season finally brings profit margins wide enough to carry them out of the red and into the black.

The day after Thanksgiving, and the coming days before Christmas, thus remind us of the importance of seasonal spending on our economy. They also provide a constant warning that the success of the retail industry depends on operating as efficiently as possible to keep up employment and production.