The National Retail Federation has lowered its retail sales forecast for the rest of the year. Originally, slow growth was recorded during the first half of the year, but growth is expected to be significantly faster over the next five months. NRF forecasted in January that retail sales would grow 4.1 percent this year over 2013, but has since revised that number to 3.6 percent.
NRF calculated that sales grew 2.9 percent during the first half of the year and are expected to grow at least 3.9 percent during the second half. The numbers include general retail sales and non-store sales, and exclude automobiles, gasoline stations, and restaurants. This winter’s severe weather contributed to the slow growth during the first quarter, but a second look at the forecast is positive, expecting growth to increase, manufacturing to expand, and the employment rate to remain its strongest since 2005.