National Retail Federation has revised its forecast for holiday sales to 3.3% up from 2.3%. The organization said the revision is due to improvement in a variety of economic indicators that allow consumers the capacity to spend.
“The start to the holiday season has surpassed all expectations,” said NRF president and CEO Matthew Shay. “While employment data is still a concern, we are starting to see improvement in other economic indicators that support an increase to our forecast. In order to sustain this momentum for retailers and the U.S. economy, there must be a renewed focus on jobs as we enter the new year.”
November retail sales released by the U.S. Commerce Dept. show total retail sales (excluding non-general merchandise categories such as autos, gas stations and restaurants) increased 0.8% seasonally adjusted over October and 9.2% unadjusted year-over-year.