FILE PHOTO: People shop for clothes at a Target retail chain in Westbury, New York, U.S., May 20, 2021.
REUTERS/Shannon Stapleton(Reuters) - The National Retail Federation (NRF) on Wednesday raised its growth expectations for U.S. retail sales in 2021 to between 10.5% and 13.5%, as more Americans get inoculated and the economy reopens at a more accelerated pace than previously predicted.
The trade group now expects annual U.S. retail sales of between $4.44 trillion and $4.56 trillion, from its previous estimates, issued in February, of between 6.5% and 8.2%, or more than $4.33 trillion.
“We are seeing clear signs of a strong and resilient economy,” NRF Chief Economist Jack Kleinhenz said.
The U.S. retail group also forecast GDP growth to approach 7% in 2021, higher than the 4.4% and 5% projected earlier this year.
Shannon Stapleton, Jack Kleinhenz, ” Kleinhenz
REUTERS, Reuters, National Retail Federation
Westbury , New York, U.S