Washington, D.C. -- The National Retail Federation announced Tuesday it has revised its holiday forecast upward, from 2.3% to 3.3%.
The NRF cited improvements in a variety of economic indicators -- including stock market gains, recent income growth and savings built up during the recession -- for the upward revision.
As announced earlier on Tuesday, November retail industry sales (which exclude automobiles, gas stations, and restaurants) increased 0.8% seasonally adjusted over October and 6.8% unadjusted over last year.
“The start to the holiday season has surpassed all expectations,” said Matthew Shay, president and CEO, NRF. “While employment data is still a concern, we are starting to see improvement in other economic indicators that support an increase to our forecast. In order to sustain this momentum for retailers and the U.S. economy, there must be a renewed focus on jobs as we enter the new year.”