NRF revises 2017 sales growth forecast

The National Retail Federation on Wednesday has lowered its annual retail sales forecast, citing government data revisions.



Retail sales for 2017 are now expected to increase between 3.2% and 3.8%, down from the 3.7% - 4.2% growth the NRF predicted earlier this year. The revision comes after the Census Bureau lowered its retail sales figures, and the Bureau of Economic Analysis downgraded its personal income and consumption figures.



“While weaker-than-expected spending in the first quarter along with decelerating inflation has also contributed to the revision, NRF anticipates stronger sales heading into the fall and holiday seasons," said NRF chief economist Jack Kleinhenz.



Kleinhenz noted that total retail sales have grown year-over-year every month since November 2009, and retail sales as calculated by NRF — which excludes automobiles, gasoline stations and restaurants — have increased year-over-year in all but one month since the beginning of 2010.