NRF expects retail sales to grow 3.1% in 2016
The National Retail Federation expects retail sales, excluding automobile, gas station and restaurant sales, to grow 3.1% in 2016. "Wage stagnation is easing, jobs are being created and consumer confidence remains steady, so despite the headwinds our economy faces from international developments - particularly in China - we think 2016 will be favorable for growth in the retail industry," said Matthew Shay, chief executive of the NRF, according to a statement published Wednesday. The trade association also forecasts economic growth in the range of 1.9% to 2.4% in 2016. And the NRF sees employment gains of about 190,000 on an average monthly basis, with the unemployment rate dropping to 4.6% by year-end. The unemployment rate currently stands at 4.9%.
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