On Monday, the National Retail Federation (NRF) announced its annual forecast for the retail industry, predicting that the retail sector will experience a 3.4 percent increase in 2012, outpacing a number of other industries.
Despite the forecasted increase and strong holiday sales enjoyed by retailers at the end of 2011, the NRF said many factors including the stalled unemployment rate and lack of newly-created jobs continue to hinder growth.
“Over the last 18 months, retailers have been on the forefront of the economic recovery – creating jobs, encouraging consumer spending and investing in America,” said NRF President and CEO Matthew Shay. “Our 2012 forecast is a vote of confidence in the retail industry and our ability to succeed even in a challenging economy. Retailers have played a key role in driving growth, but to continue this momentum we need Washington to act on proposals that will spur job creation and unleash the power of the private sector.”
