Retail growth likely to slow
16/01/2008
As a result of continuing worries over a slump in the housing market, rising energy costs, and slow growth in jobs, America’s National Retail Federation (NRF) is expecting sales to increase by a little as 3.5% in 2008.
According to the federation’s 2008 economic forecast the first half is expected to be sluggish, with sales likely to rise by only 3.2%, before picking up to 3.8% growth in the second half.
Chief economist Rosalind Wells stated: “Consumers will be under financial stress from high energy costs, the fallout from the housing slump, and sluggish employment and income growth. Shoppers will seek to pay down debt, spend more in line with income growth, and approach discretionary purchases with more restraint.”
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