NRF Downgrades 2017 Retail Sales Forecast

Citing revised figures from government sources, the National Retail Federation (NRF) is now projecting that 2017 retail sales will increase by only 3.2% to 3.8% compared to 2016, less than the 3.7% to 4.2% growth that was forecast back in February.

“Meaningful revisions to retail sales numbers by the Census Bureau and similar revisions to personal income and consumption by the Bureau of Economic Analysis have both affected our forecast,” said NRF Chief Economist Jack Kleinhenz in a statement….