Apex Engineering: Accident ReconstructionForensic Engineering Product Liability
The Paramus Post - Greater Paramus News and Lifestyle Webzine
Wednesday, November 26 2014 @ 12:07 AM EST
Advertise Your Business - Tageting Bergen, Passaic Counties and North Jersey
Share

NRF Revises Annual Economic Forecast, Expects Stronger Second Half of Year

 The National Retail Federation today lowered its retail sales forecast for 2014 because of slow growth recorded during the first half of the year, but said sales are expected to grow significantly faster over the next five months. NRF forecasted in January that retail sales would grow 4.1 percent in 2014 over 2013, but today’s revision lowers the forecast to 3.6 percent.

NRF calculated that sales grew 2.9 percent during the first half of the year and are expected to grow at least 3.9 percent during the second half. The numbers include general retail sales and non-store sales, and exclude automobiles, gasoline stations, and restaurants.

“No retailer was immune to the doldrums witnessed during the first quarter, and as a result, the year’s growth trajectory was impacted,” said NRF President and CEO Matthew Shay. “That said, there is plenty of evidence that the second half of the year will be better for the industry as consumers begin to feel more optimistic about their spending decisions.  

“And though we maintain realistic expectations of retail sales growth in 2014, we are optimistic that the chances for a stronger economy still exist,” continued Shay.

“The severe weather and other factors we experienced earlier this year have taken their toll on retail, but most of those problems are behind us,” said NRF Chief Economist Jack Kleinhenz. “A second look at our forecast shifted our expectations slightly, but it’s important to note that the outlook is positive. Sales are growing and we expect them to continue at a moderate pace.”

In this month’s Monthly Economic Review, Kleinhenz noted, “…one of the worst winters in recent memory kept shoppers home during the first quarter, and weak numbers for real estate, inventories and exports continued to hamper the economy through the second quarter. However, employment has grown at its strongest pace since 2005, business and consumer confidence have edged higher, manufacturing activity has expanded and inflation pressures remain tame, improving expectations for the second and third quarters.”

The revised forecast was announced as Kleinhenz, Shay and NRF Senior Vice Presidents Bill Thorne and David French held a conference call with reporters this morning on the state of the retail industry to discuss the economy, public policy issues and other topics affecting merchants.

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. www.nrf.com.

comments powered by Disqus

Adsense R01 300x250

Home Sidebar Ad 1

Home Sidebar 2

Top 10 Stories in 30 Days

Top 10 Stories in the last 30 Days

Adsense R02 300x250

Text Sponsor Ads

Trinity Presbyterian Church
Join the purpose driven church exercising faith, hope, and love because nothing else matters...
www.TrinityFamily.org
Spivak Lighting
Lamp Repairs, Chandeliers, Track Lighting, Outdoor Lamps, Recess Lighting, Paddle Fans, Consultation
www.spivaklighting.com
StoneMicro Web Technologies
Dynamic Website Development, Content Management System, Blogs, Web design, Web hosting services
www.StoneMicro.com
Sponsor ParamusPost

Popular tags at this site

Error in PHP Block. Function, phpblock_tag_cloud, does not exist.