ONLN - National Retail Federation issues huge boost to retail sales forecast

sefa ozel/E+ via Getty Images The National Retail Federation now expects retail sales in 2021 to grow between 10.5% and 13.5% from the 2020 level to a range of between $4.44T and $4.56T. The new forecast is a pretty significant increase from the prior NRF forecast released in February for retail sales to be up 6.5% to 8.2% for the year. NRF notes that the initial forecast was made when there was still great uncertainty about consumer spending, vaccine distribution, virus infection rates and additional fiscal stimulus. "Since then, we have seen spending grow, vaccines have become available to virtually anyone who wants one, infections have fallen and additional stimulus in the form of the American Rescue Plan has been signed into law," updates Chief Economist Jack Kleinhenz. NRF now expects GDP for the full year to grow close to 7% to mark fastest growth since 1984. Read: Retail sector generates big returns for

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National Retail Federation issues huge boost to retail sales forecast