Holiday retail sales expected to rise between 3.6% and 4%: NRF
The National Retail Federation forecasts a 3.6% to 4% rise in holiday retail sales during the November-to-December period for a total of $678.8 billion to $682.0 billion, the group said Tuesday. The estimate excludes gas, autos and restaurants. There are 32 shopping days between Thanksgiving and Christmas, one more than last year, and there's an extra weekend day for shopping since Christmas falls on a Monday. "Although this year hasn't been perfect, especially with the recent devastating hurricanes, we believe that a longer shopping season and strong consumer confidence will deliver retailers a strong holiday season," said NRF Chief Executive Matthew Shay in a statement. Seasonal employment is expected to increase by 500,000 to 550,000 temporary hires, down from 575,000 last year. The SPDR S&P Retail ETF (XRT) is down 5.2% for the year so far while the S&P 500 index is up 13% and the Dow JOnes Industrial Average [S: djia] is up 14.1%.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires