U.S. Holiday Sales Expected to Grow, Boosted by Wage Gains
- Purchases may rise 3.6 percent, retail trade group forecasts
- Strong job market and income growth are fueling confidence
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U.S. retail sales this holiday season may grow at a faster pace than last year, fueled by rising wages and a stronger job market, the National Retail Federation said.
Consumer purchases may increase 3.6 percent to a $655.8 billion in November and December, excluding autos, gas and restaurant sales, the Washington-based NRF said in a statement Tuesday. Sales climbed 3.2 percent last year, and the seven-year average since the recession ended in 2009 is 3.4 percent, the group said.