NRF Lowers U.S. Retail Sales Growth Projection for 2015

RAPAPORT...  The National Retail Federation (NRF) lowered the outlook for U.S. retail sales from an earlier forecast growth of 4.1 percent to 3.5 percent, citing unexpectedly slow growth during the first half of the year. NRF calculated that retail sales grew 2.9 percent during the first half, while the second half could experience growth of 3.7 percent.

“For years consumer spending has been hampered by lackluster growth in our economy. Much of that blame can be shifted to Washington where too much time has been spent crafting rules and regulations that almost guarantee negative consequences for consumers and U.S. businesses alike,” said NRF's president and CEO, Matthew Shay. “Until the government and our elected leaders get serious about enacting policies that lift consumer confidence, create economic growth and spur investment, we will continue this trend of solid, but not exceptional, performance in the economy.” 

Jack Kleinhenz, NRF's chief economist added, “household spending patterns appear to have shifted purchases toward services and away from goods, though this may be transitory. Additionally, a deflationary retail environment has been especially challenging for retailers’ bottom lines.”