Smaller retail sales increase projected for 2012
January 18th, 2012New York —
The nation’s largest retail trade group expects a solid 3.4 percent increase in sales this year, below last year’s 4.7 percent increase as job woes weigh on shoppers.
Sales should reach $2.53 trillion in 2012, up from last year’s $2.45 trillion, boosted in part by higher prices across all goods, according to a report being released today from the National Retail Federation.
The 3.4 percent bump would still outpace the 10-year annual average increase of almost 3.1 percent and would also mark a third consecutive year of recovery for consumer spending. Sales slumped 3.5 percent in 2009 with the nation still deep in recession.
However, sales remain well below the more robust figures of 5.5 percent or more that the country would typically see in better economic times.
The retail sales forecast – which excludes sales of autos, gas and restaurants – was shaped by a variety of economic headwinds.
Tags: Increase, Increase Projected