National Retail Federation Revises Forecast for 2015 Retail Sales Down
The National Retail Federation has revised down its forecast for 2015 retail sales, saying it now expects a retail sales growth of 3.5% this year as opposed to an earlier projection of 4.1%. It points to slow
growth during the first half of the year, possibly because of inclement winter weather and the West Coast port shutdown. It's also expected that the average family will spend $630 on back to school supplies this year, down from $669 last year, CNBC reports. Federation President and CEO Matthew Shay says it's kind of like déjà vu, since they did the same thing last summer. However, just as last year finished strong, the Federation is anticipating growth in the second half of this year to level out the slow start. Shay also feels politicians should focus on promoting growth through tax reform and infrastructure spending instead of increases to overtime pay and the federal minimum wage. [CNBC]
