US retail sales growth to slow in 2012
WASHINGTON, USA: US retail sales growth will slow to 3.4% this year, but still outpace the country's GDP growth, the National Retail Federation said on Monday, 16 January.
Total sales will hit US$2.53 trillion, with growth slowing from the 4.7% seen in 2011, the federation said in a statement.
It said "stubbornly high unemployment and continued uncertainty over the prospects for job growth will continue to dampen the outlook for industry retail sales growth in 2012."
But the NRF pointed out that retail sales growth would likely outpace the growth in GDP, which economists estimate will rise between 2.1 and 2.4%.
The NRF said its retail sales estimates exclude the sales of autos, gas and those in the restaurant sector.
Source: AFP