NRF forecast 3.5% growth in retail sales for 2008
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The National Retail Federation (NRF) released its 2008 economic forecast in January, predicting that retail industry sales (which exclude automobiles, gas stations, and restaurants) will increase 3.5 percent from last year.
(NEW YORK) – The National Retail Federation (NRF) released its 2008 economic forecast in January, predicting that retail industry sales (which exclude automobiles, gas stations, and restaurants) will increase 3.5 percent from last year. According to its quarterly Retail Sales Outlook report, NRF expects the slow pace in sales growth to continue before picking up in the second half of the year.
“Consumers will be under financial stress from high energy costs, the fallout from the housing slump, and sluggish employment and income growth,” said NRF Chief Economist Rosalind Wells. “Shoppers will seek to pay down debt, spend more in line with income growth, and approach discretionary purchases with more restraint.”
While the outlook is somewhat reserved, Wells expects sluggish first half sales to eventually give way to stronger sales in the third and fourth quarters.
For more information please visit www.nrf.com.
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