US retail sales will grow 10.5% to 13.5% this year as the economy rebounds at a faster rate than originally predicted, according to the National Retail Federation (NRF).The organization expects total sales for the year to reach $4.44 trillion to $4.56 trillion, it said last week. That figure is.
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National Retail Federation (NRF) has revised its annual forecast for 2021, anticipating that retail sales in the US will grow between 10.5 and 13.5 per cent to more than $4.44 trillion as the economy accelerates its pace of recovery. It also projects full-year GDP growth to approach 7 per cent, compared with the earlier forecast of 4.4 and 5 per cent.
The revised forecast surpasses NRF’s initial projection of at least 6.5 per cent growth, made in February of this year. The initial forecast was made when there was still great uncertainty about consumer spending, vaccine distribution, virus infection rates and additional fiscal stimulus, prior to passage of the American Rescue Plan Act, NRF said in a press release.
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Jun 9, 2021
Shoppers in line at PacSun in April. SES file photo.
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The National Retail Federation raised its guidance for annual retail sales today – by a lot.
The trade group now expects retail sales to grow 10.5% to 13.5% for the year. That compares to the 6.5% increase it predicted in February.
The NRF also expects GDP to grow 7% for the year, up from the 4.4% to 5% growth previously forecast. That would be the fastest growth since 1984.
“We are seeing clear signs of a strong and resilient economy,” NRF Chief Economist Jack Kleinhenz said in a statement. “Incoming data suggests that U.S. economic activity continues to expand rapidly, and we have seen impressive growth. Most indicators point toward an energetic expansion over the upcoming months and through the remainder of the year.”