The retail trade association has updated its annual forecast following revisions by the Census Bureau and Bureau of Economic Analysis.
NORTH AMERICA–The National Retail Federation has amended its retail sales forecast for 2017, reporting that sales are now projected to increase between 3.2 percent and 3.8 percent.
Earlier this year, the NRF expected retail sales to increase between 3.7 percent and 4.2 percent.
According to the NRF, total retail sales have grown over-year-year every month since November 2009. Retail sales as calculated by the NRF have also increased year-over-year every month, excluding one, since the beginning of 2010.
“Meaningful revisions to retail sales numbers by the Census Bureau and similar revisions to personal income and consumption by the Bureau of Economic Analysis have both affected our forecast and have required us to adjust our 2017 sales project,” says Jack Kleinhenz, chief economist, NRF. “While weaker-than-expected spending in the first quarter along with decelerating inflation has also contributed to the revision, NRF anticipates stronger sales heading into the fall and holiday seasons.”