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NRF Downgrades Retail Sales Forecast for 2017
Following data revision from the government, the National Retail Federation is now predicting growth between 3.2 and 3.8 percent.
Washington--The National Retail Federation has downgraded its forecast for retail sales for 2017 following data revision from the government.
Earlier this year, the NRF predicted retail sales would grow between 3.7 and 4.2 percent year-over-year. Now, it is estimating growth in the range of 3.2 and 3.8 percent in 2017.
NRF Chief Economist Jack Kleinhenz said the revision came as a direct result of changes made to several years of retail sales numbers by the Census Bureau in late April and to personal income and consumption numbers by the Bureau of Economic Analysis in June.
Also contributing to the downgrade was a weaker-than-expected first quarter in terms of spending and decelerating inflation.
However, Kleinhenz said that the NRF still expects stronger sales heading into the fall and holiday seasons.
He also noted that total retail sales have grown year-over-year every month since November 2009, and that retail sales as calculated by the NRF, which excludes automobiles, gasoline stations and restaurants, have increased year-over-year in all but one month since the beginning of 2010.
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